New Mexico's Fiscal Woes Impact Bills

摘要

New Mexico's budget shortfalls continued to influence legislative activities throughout the session that ended Feb. 18, with several bills tabled because of their short-term financial impacts. "The state's budget is highly dependent on oil and gas revenues, to the tune of 25-35 percent," says Michael D'Antonio, director of government affairs for the New Mexico Oil & Gas Association. "New Mexico projected a $293 million new-money surplus in the fall, but with the decline in oil prices, that projection kept dropping. In early February, it was negative $200 million in new money. That is a swing of close to $500 million in a state budget of $6.2 billion." D'Antonio adds there has been speculation that a special session may be called later this year because the New Mexico Constitution demands a balanced budget, and oil and natural gas prices remain very low.