Analysis: NM could face more budget trouble: Bloomberg Busineess Week
June 25th, 2010
Bloomberg Busineess Week
By BARRY MASSEY
SANTA FE, N.M.
There are troublesome clouds looming on New Mexico's financial horizon and if the problems continue to grow it could mean another round of budget cuts.
Revenue collections for the current budget year are running $76 million below what had been anticipated, according to the Legislative Finance Committee.
That spells potential trouble for public schools, colleges, courts and state agencies, although it could be July or August before it's clear whether weak revenues force more budget reductions.
If revenues fall short for the fiscal year ending in June, then New Mexico's cash reserves must make up the difference to balance the budget.
