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Rainy day fund benefits from New Mexico oil boom
SANTA FE — New Mexico’s revenue boom is pushing more money into a “rainy day” fund created in 2017.
The tax stabilization reserve — an idea championed by the late Rep. Larry Larrañaga of Albuquerque — is expected to take in about $123 million this fiscal year and another $147 million next year.
New Mexico’s revenue boom is heavily dependent on the volatile oil industry, so the rainy day reserve is way to ensure the state automatically saves some cash when times are good.
https://www.abqjournal.com/1256468/rainy-day-fund-benefits-from-nm-oil-boom.html