By Morgan Lee
The Associated Press
SANTA FE — New Mexico slashed estimates for revenue growth during the coming year by $200 million based on sustained low oil and natural gas prices, upending spending plans as New Mexico’s Legislature meets to craft a new budget.
Expectations for new revenues were revised downward to just $30 million for the fiscal year starting in July, the New Mexico Department of Finance and Administration announced Wednesday. Economists from three executive agencies and the Legislature agreed to the new estimate.