As state politicians gear up for the legislative session, set to begin on Jan. 16, the Legislative Finance Committee released its budget recommendations on Jan. 5. The body suggests slightly lower spending than Governor Michelle Lujan Grisham did in her proposed budget released earlier in the week.
State economists say that revenues from the booming oil and gas sector are still growing, but that the growth is set to cool in the coming years.
As officials announced this year’s budget recommendations from the Legislative Finance Committee, or LFC, they were careful to emphasize that while their $10.1 billion budget allowed for a 5.9% increase in spending, it also allowed for money to be kept in reserve.
Senate Majority Leader Peter Wirth (D-Santa Fe) said the current budget surplus is all but unprecedented.
“This is an extraordinary time for our…
