New Mexico Economic Development and Revenue Strategy
Methodology for Current PFM Study
The project team conducted policy and data analysis for this study using a
combination of national and state sources, including the U.S. Census Bureau, U.S.
Energy Information Administration, New Mexico Legislative Finance Committee,
and New Mexico Consensus Revenue Estimating Group.
◆ The project team also consulted with a range of subject matter experts and other
stakeholders through 26 interviews to develop a better understanding of important
issues related to the oil and gas industry and energy sector, current economic
diversification efforts, and the overall economics and demographics of New Mexico.
Interviewees included members of the legislative and executive branches and their
staff, experts based in higher education, and representatives of other research and
advocacy institutions. These interviews were not for attribution but provided
additional background and context for the project team.
◆ As noted earlier, the State does not publish long-term revenue forecasts beyond
five fiscal years. To infer a baseline State revenue forecast, PFM substantially
relied on the CREG "Long-Term Outlook" presentation to the Legislative Finance
Committee on July 20, 2022.
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