State finance officials, already enjoying one of the highest credit ratings in the nation, visited Wall Street last week to tell rating agency officials the state's economic picture is still on the upswing.
Kay Marr, New Mexico's secretary of finance and administration, said the state took in almost $78 million more than projected for fiscal 1993, which ended June 30. The total budget for the year was $2.2 billion.
Marr said only $10 million of the $78 million was from non-recurring revenue sources.
About $38 million of the total stems from an increase in collections of personal income taxes, which Marr traces to a big influx of affluent residents moving into the state. Another $13 million comes from unexpectedly strong collections in energy-related taxes.
In an interview following meetings with the rating agencies, Marr said trade with Mexico has picked up since the opening of a new border crossing at Santa Teresa.
New Mexico is planning a $75.7 million bond issue this month, to be sold by competitive bid. The state carries double-A ratings from both Standard & Poor's Corp. and Moody's Investors Service.