{"id":233331,"date":"2016-11-30T09:48:01","date_gmt":"2016-11-30T16:48:01","guid":{"rendered":"http:\/\/nmpolitics.net\/index\/?p=233331"},"modified":"2016-11-30T09:50:52","modified_gmt":"2016-11-30T16:50:52","slug":"state-revenues-decline-as-fiscal-troubles-continue","status":"publish","type":"post","link":"https:\/\/nmpolitics.net\/index\/2016\/11\/state-revenues-decline-as-fiscal-troubles-continue\/","title":{"rendered":"State revenues decline as fiscal troubles continue"},"content":{"rendered":"
\"A

Heath Haussamen \/ NMPolitics.net<\/p>

A statue outside the Roundhouse in Santa Fe.<\/p><\/div>\n

New Mexico government’s fiscal outlook remains bleak, with the Legislative Finance Committee announcing Tuesday that state revenue streams declined during the first quarter of the current fiscal year.<\/p>\n

The general fund revenues\u00a0fell to $1.3 billion during the quarter that ended Sept. 30, which is down 9.4 percent compared to the same three months in 2015, according to The Associated Press<\/a>.<\/p>\n

And the\u00a0LFC wrote in its November newsletter<\/a> that there was a 30 percent drop in general fund balances between October 2015 and October 2016. “On some days in both September in October, the balance fell below $1 billion to the lowest levels in recent history,” the newsletter states.<\/p>\n

\u201cWe don\u2019t know where the bottom is yet on the free fall that we\u2019re in,\u201d The Associated Press quoted\u00a0Sen. John Arthur Smith,\u00a0the LFC chairman, as saying.<\/p>\n

Lawmakers met in October to plug a shortfall of several hundred million dollars<\/a> in the current fiscal year budget and the previous year’s budget, largely\u00a0with widespread cuts. But the state’s fiscal situation\u00a0hasn’t improved<\/a> since then. The state is operating with almost no reserves and its budget is dependent on fluctuating oil and gas prices<\/a>.<\/p>\n

The LFC also reported in its most recent newsletter that three key indicators had all fallen — projected employment growth, personal income growth, and gross state product, which is the state’s economic output.<\/p>\n

Smith was quoted by The Associated Press as saying lawmakers may have to plug another budget hole when they convene in January for a 60-day session. Budget analysts plan to release updated revenue projections in the coming days.<\/p>\n","protected":false},"excerpt":{"rendered":"

General fund revenues fell to $1.3 billion during the quarter that ended Sept. 30, which is down 9.4 percent compared to the same three months in 2015.<\/p>\n","protected":false},"author":1,"featured_media":56542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[196,118,119,107],"class_list":["post-233331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-budget","tag-economy","tag-energy-policy","tag-roundhouse"],"_links":{"self":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/233331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/comments?post=233331"}],"version-history":[{"count":0,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/233331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/media\/56542"}],"wp:attachment":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/media?parent=233331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/categories?post=233331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/tags?post=233331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}