NM’s budget: From flush to cash crunch in 9 years - Dan McKay, Journal

Nine years ago, New Mexico had so much cash that it gave some of the money back. Booming oil prices and the housing bubble helped push the state’s operating budget to $6.8 billion – in inflation-adjusted terms – and the Roundhouse was filled with talk of issuing big rebate checks to taxpayers. But the good times didn’t last. The story of today’s budget is much more volatile, and it’s ticking downward again. In fact, New Mexico’s operating budget, adjusted for inflation, is at its lowest level in five years, and it has fallen 6 percent in the last two years. That’s about $388 million in reduced spending power since the 2016 fiscal year. https://www.abqjournal.com/1075078/nms-budget-from-flush-to-cash-crunch-in-9-years-excerpt-oil-boom-housing-bubble-led-to-good-times-that-didnt-last.html