On Monday, the Legislative Finance Committee (LFC) announced that it projects around a $1.1 billion increase in new revenue for the fiscal year 2024 thanks to the oil and gas industry.
The report projects $3.6 billion in recurring revenue for the year, a massive 42.7 percent increase from the roughly $2.5 billion revenue estimate for the 2023 fiscal year.
The “new” money will mean more funds for legislators to spend or save during the next legislative session, which starts on January 17, 2023.
Despite Democrats being hell-bent on knee-capping the oil, gas, and coal industries in every possible way, the funding to the state coffers for education, health care, and other key pieces of the budget comes thanks to extractive energy industries.
Many legislators have urged the state to use excess funds for one-off projects that benefit the long-term fabric of the state, such as infrastructure projects to fix roads and rebuild aging government buildings.
One project Democrat Gov. Michelle Lujan Grisham is adamant about ramming through is $10 million to build a new abortion center in Las Cruces to abort even more Texas mothers’ children.
State Sen. George Muñoz (D-Gallup), the Senate Finance Committee chairman, said after the LFC report, according to the Santa Fe New Mexican, “No one in this state’s history has ever had this opportunity, and if we don’t use this opportunity to fix problems within our agencies, fix problems within our schools, then we’re going to lose out.”