LFC: Oil and gas supply HALF (50%) of New Mexico general fund revenues

The Legislative Finance Committee’s post-session fiscal review is a trove of interesting information (translated: expect additional posts using information gleaned from it, but have a read for yourself). One interesting item among many is the chart below which shows that even as the Gov. and Democrats who control the Legislature claim to want to “diversify” the economy and even dismiss New Mexico’s role as an energy state, New Mexico’s budget has become even MORE reliant on oil and gas revenues in recent years.

As the chart below shows, more than 50% of New Mexico’s general fund revenues (nearly $7 billion in 2023) comes from oil and gas. As a reminder, the state’s FY 2023 revenues were approximately $11 million (according to the LFC) but it spent $8.4 billion in FY 2023 (the FY 2024 budget was just passed and that is $9.6 billion).