By Morgan Lee
The Associated Press
SANTA FE — New Mexico expects to collect far less revenue this budget year and next than previously forecast as employment, wages and economic growth lag, a group of state economists said Monday.
The economists from three executive agencies and the Legislature said the state will collect $109 million less during the current budget year than last year.
The forecast indicates spending is likely to eat through all the state’s reserve funds and require another $69 million if changes are not made.