Posted on 05/07/2020 8:19:12 PM PDT by brownwill6767
The last time state economists released revenue forecasts, New Mexico had a massive oil boom with no end in sight.
Oh, how times have changed.
Those same economists released dire revenue projections on Wednesday, suggesting New Mexico could take in between $1.7 billion and $2.4 billion less than originally expected during the next fiscal year as the novel coronavirus pandemic and plummeting oil prices take a major toll on tax revenue and royalty payments.
“The outbreak of the novel coronavirus that causes COVID-19, along with the global responses to contain the spread of the virus, places significant strain on New Mexico’s finances,” the economists wrote in the document.
The group of legislative and executive branch economists noted the new projections were not an official revenue forecast, but rather a review of the state’s income sources aimed at helping policymakers. State legislators are expected to hold a special legislative session in mid-June in an attempt to patch the most pressing gaps in the $7.6 billion budget approved for the 2021 fiscal year.
(Excerpt) Read more at santafenewmexican.com ...
It’s not just next year’s budget that will take a hit. Revenue for the current period, which ends June 30, could be between $368 million and $483 million short of projections, the economists said.
That’s greater than the $259 million previously estimated to be in the state’s operating reserve at the end of the period, meaning there will be “insufficient” funds to cover appropriations unless spending is reduced or the state taps another reserve fund, the document said.
rat governor....
Maybe you shouldn’t havr shutdown. Shoulda stayed open.
This is what happens when you shoot yourself in the foot. The biggest self inflicted damage in history. We may as well have stuck our hand in a garbage disposal.
My province paid off a thirty billion dollar debt by assuming that forecasted revenues were about 20% too optimistic and then budgeted accordingly. Thank God my province had Klein in those days.
Every state or province should do that.
Wisconsin already has a $870 million loss IN ONE MONTH! OMG!
LIBERATE WISCONSIN! LIBERATE AMERICA!
Get us back to work, Mr. President! NOW!
Sucks to have a Rat governor. (I should know, I have one too.)
Simple. Cut or downsize the state government. Simple.
Many states have huge shortfalls. Take a look at the list and you will see many Republican states.
NM Ping. We may be low on cash but we got plenty of sunshine!
Post them.
Get Fauci and Bill Gates to bail you out, you fools.
I would vote for you
NM ping list.
...............................
Wow, Who could have seen this coming????
/s
And Lujan wants the shutdown to go at least another month.
Sometimes the honest truth hurts :)
This is going on across the country. California went from bragging about a surplus to 53.1 billion deficit. Every town,city and county is going to be in the same shape.
Worse than that, Gov Nuisance Newsom of California is talking out one side of his mouth about giving monthly payments to illegal aliens in the state, building a new state park, and funding a bullet train to no where - after the covid-19 crisis drained the budget. He's talking out the other side of his mouth requesting federal money.
Now why would he want to throw away money while saying he needs federal money? He's the one who said California can go it alone without the feds, and loft satellites into space among other lofty ideas. He is crazy! Which is normal for Democrat governors.
Lujan-Grisham is a special kind of stupid. There isn’t enough bandwidth on FR to tell you what she has done to our state.
Me too in PA. Governor Putin. NO BAIL OUT from the Feds. Let them twist even if it effects my job.
Here in Colorado they’re talking about a 2 or 3 billion dollar shortfall. First thing on the list to cut is services for the elderly. Dumping wuhan flu patients into nursing homes and now cutting funding for seniors. Sure seems like seniors are being targeted. Hmmm.
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