- Associated Press - Wednesday, August 16, 2017

SANTA FE, N.M. (AP) - The Latest on New Mexico’s state budget outlook (all times local):

9:00 a.m.

New Mexico state economists say government income is expected to surpass spending obligations by $25 million in the coming fiscal year.

State economists released a fiscal forecast on Wednesday that shows New Mexico emerging from a budget crisis that has threatened funding for classrooms, courts and museums.

Economists at three state agencies and the Legislature predict that tax revenue and other government income will surpass spending obligation during the fiscal year that begins in July 2018. During the current fiscal year, expenditures are expected to exceed revenue streams by about $122 million.

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3:00 a.m.

New Mexico state economists are revising their outlook for government finances as the state emerges from a budget crisis.

Economists from the Legislature and three state agencies are providing a new forecast for state revenues on Wednesday. Members of the Legislative Finance Committee are meeting at the Taos Ski Valley to discuss the state’s improved financial footing.

The state has quickly rebuilt depleted financial reserves to more than 5 percent of annual spending obligations as the oil and natural gas sectors stage a recovery.

New Mexico’s credit rating was downgraded last year by ratings agencies amid faltering tax revenues. To shore up shaky state finances, the Democratic-led Legislature and Republican Gov. Susana Martinez agreed in May to tap into borrowed money from suspended infrastructure projects.

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