Post by pavel on Mar 1, 2016 4:54:12 GMT -6
SANTA FE – Gov. Susana Martinez signed off Monday on a $6.2 billion spending plan for the coming budget year that relies on one-time fixes, such as diverting money from government accounts and drawing down the state’s cash reserves, to avoid steep budget cuts.
But even with the budgetary tourniquets, overall New Mexico state spending is set to decrease next year for the first time in five years as plummeting oil and natural gas prices take their toll on the state’s economy.
“Things aren’t going to be easy, but I’m optimistic we can make it through,” Martinez said at an Albuquerque luncheon, where she announced she had signed the budget bill for the fiscal year that starts in July.
The second-term Republican governor used her line-item veto authority to ax about $1.8 million in proposed spending from the budget, though much of that money was tied to bills that failed to pass during the 30-day legislative session that ended Feb. 18.
Read more: www.abqjournal.com/732375/news/gov-martinez-signs-6-2b-budget-bill-makes-minor-revisions.html
But even with the budgetary tourniquets, overall New Mexico state spending is set to decrease next year for the first time in five years as plummeting oil and natural gas prices take their toll on the state’s economy.
“Things aren’t going to be easy, but I’m optimistic we can make it through,” Martinez said at an Albuquerque luncheon, where she announced she had signed the budget bill for the fiscal year that starts in July.
The second-term Republican governor used her line-item veto authority to ax about $1.8 million in proposed spending from the budget, though much of that money was tied to bills that failed to pass during the 30-day legislative session that ended Feb. 18.
Read more: www.abqjournal.com/732375/news/gov-martinez-signs-6-2b-budget-bill-makes-minor-revisions.html