New Mexico’s strategy for spending and investing a multibillion-dollar annual surplus linked closely to oil production has come into sharper focus. On Saturday, a legislative panel advanced an annual spending plan toward a Senate floor vote. Legislators are tapping the brakes on recent double-digit budget increases in the nation’s No. 2 state for oil production behind Texas, while setting aside money in endowments and investment accounts to ensure funding for critical programs in the future — in case the world’s hunger for oil weakens. Legislators also want to help local communities compete for a greater share of federal infrastructure spending by offering $75 million in state matching funds.
