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SANTA FE — A revenue forecast shows lawmakers and Gov. Bill Richardson will have about $369 million in "new money" available next year for increases in the state's operating budget and to offset tax cuts.

That's slightly less than earlier projections had shown. If all the available money was spent, it would increase the state budget about 6.5 percent in the 2009 fiscal year that starts July 1, lawmakers were told Monday.

Writing a budget for the coming fiscal year will be the job of the Legislature when it convenes Jan. 15 for a 30-day session.

The new financial report, developed by state economists, marked the second time in recent months economists have lowered projections of how much revenue the state expects to collect in the next budget year.

Several lawmakers expressed concerns about a potential economic downturn next year that could weaken the state's revenue outlook. They pointed to turmoil in the housing market from a credit crunch, high oil prices and volatility in the stock market.

"The forecasts right now are in a state of flux," said Sen. John Arthur Smith, a Deming Democrat and chairman of the Legislative Finance Committee. "I am not going to bet my life on those revenues come June or July."

The latest report dropped next year's revenues almost $19 million from what had been forecast in October. And that was $63 million lower than revenue estimates in July.

The revenue projections were developed by economists in the Richardson administration and Legislature.

About $6 billion in revenue should flow into the state's main budget account next year, about 2.4 percent more than anticipated revenues this year.

The current budget provides for almost $5.7 billion in spending, which is 11 percent above the previous year.

The $369 million of "new money" for the 2009 budget year is the amount that estimated revenues next year will exceed current spending.

Top budget and tax officials in the Richardson administration outlined the revenue forecast to lawmakers, and said the downward revision was from a number of small changes, including lower-than-anticipated growth in personal income taxes and lower earnings on state cash balances.

According to the updated revenue estimate:

• Recurring revenues in the 2008 fiscal year are projected at nearly $5.9 billion, an increase of about $5.8 million from October's forecast.

• More than $500 million should be available for capital improvement projects. An estimated $319 million will come from bonds backed by severance taxes, although part of that is earmarked for certain projects such as highways and the spaceport. Another $224 million will come from general obligation bonds.

• About $261 million in surplus revenues from the state's main budget account could be used for one-time spending items, including capital improvements, supplementing agency budgets or other programs.