New Mexico will have an $18.5 million revenue gap in fiscal 2011, with a $260 million shortfall on the horizon in fiscal 2012, according to a financial forecast presented last week to the Legislative Finance Committee.

The budget gap in the current fiscal year would be worse except for $21 million of unexpected revenue in fiscal 2010. Without that surplus, revenue collections in fiscal 2011 would be $40 million less than what is needed to fund the current budget.

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