Post by pavel on Feb 16, 2016 5:52:12 GMT -6
SANTA FE – A $6.2 billion budget plan for the coming year that calls for state spending to be trimmed for the first time in five years was approved 39-1 Monday by the Senate.
Although the budget bill would provide additional funding for Medicaid and state prisons, funding for colleges and universities would be slashed by $19.6 million, and other agencies would also face cuts.
Plummeting oil and natural gas prices have forced the state’s revenue projections for the budget year starting in July to be pared back by $326 million over the past three weeks. Several lawmakers said the state’s reliance on the energy industry needs to be remedied.
“New Mexico has to learn its lesson, and we have to diversify quickly,” said Sen. George Muñoz, D-Gallup.
Read more: www.abqjournal.com/724409/news/senate-oks-plan-to-cut-state-spending-1st-time-in-5-years.html
Although the budget bill would provide additional funding for Medicaid and state prisons, funding for colleges and universities would be slashed by $19.6 million, and other agencies would also face cuts.
Plummeting oil and natural gas prices have forced the state’s revenue projections for the budget year starting in July to be pared back by $326 million over the past three weeks. Several lawmakers said the state’s reliance on the energy industry needs to be remedied.
“New Mexico has to learn its lesson, and we have to diversify quickly,” said Sen. George Muñoz, D-Gallup.
Read more: www.abqjournal.com/724409/news/senate-oks-plan-to-cut-state-spending-1st-time-in-5-years.html