{"id":4125,"date":"2009-01-12T16:31:00","date_gmt":"2009-01-12T22:31:00","guid":{"rendered":"http:\/\/www.nmpolitics.net\/index\/2009\/01\/guv-lawmakers-propose-budget-cuts\/"},"modified":"2009-01-12T16:31:00","modified_gmt":"2009-01-12T22:31:00","slug":"guv-lawmakers-propose-budget-cuts","status":"publish","type":"post","link":"https:\/\/nmpolitics.net\/index\/2009\/01\/guv-lawmakers-propose-budget-cuts\/","title":{"rendered":"Guv, lawmakers propose budget cuts"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Gov. Bill Richardson<\/a> proposed today more than $700 million in budget cuts but no tax increases as he announced a plan to help the state weather the current economic crisis.<\/p>\n

\u201cMy budget plan does not increase taxes, leaves essential services for New Mexicans intact and keeps substantial and responsible cash reserves to protect us against further shortfalls,\u201d Richardson said in a news release.<\/p>\n

The governor\u2019s news release didn\u2019t say how much, if any, money would be cut from public schools.<\/p>\n

The plan also includes a strong effort to increase revenue through improved tax collections. The state has to address a current fiscal-year deficit and a projected deficit for the fiscal year that begins July 1 that are approaching a combined $1 billion. The current state budget is about $6 billion.<\/p>\n

For the current fiscal year, Richardson says he\u2019ll balance the budget with:<\/p>\n

\u2022 Cuts to state agencies: $108 million<\/p>\n

\u2022 Increased tax collections: $79 million<\/p>\n

\u2022 De-authorization of capital outlay projects: $263 million<\/p>\n

\u2022 Other one-time cuts: $48 million<\/p>\n

That, Richardson says, will save a total of $498 million for the current fiscal year. For the 2010 fiscal year that begins July 1, Richardson proposes to balance the budget with:<\/p>\n

\u2022 Cuts to state agencies: $290 million<\/p>\n

\u2022 Increased tax collections: $34 million<\/p>\n

\u2022 Other savings: $12 million<\/p>\n

\u2022 Utilizing cash from state reserves: $119 million<\/p>\n

\u201cBecause we have been fiscally responsible by expanding our economy and saving money during the good times, we are well positioned to deal with this worldwide financial crisis,\u201d Richardson said. \u201cRather than irresponsible, across-the-board budget cuts that would slash services, we have targeted our efforts in a smart and strategic way.\u201d<\/p>\n

Meanwhile, the Legislative Finance Committee<\/a> unveiled today its proposal for next year\u2019s budget, which includes cutting state spending by 2.4 percent, or $146 million. That plan also calls for taking $94 million out of the state\u2019s cash reserves and assumes $26 million in new revenue, according to The Associated Press<\/a>. Its proposed cuts include $41 million from public schools.<\/p>\n

\n

This posting has been amended from its original version to take out speculation that was based on inaccurate numbers. <\/span> <\/span><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Gov. Bill Richardson proposed today more than $700 million in budget cuts but no tax increases as he announced a plan to help the state weather the current economic crisis. \u201cMy budget plan does not increase taxes, leaves essential services for New Mexicans intact and keeps substantial and responsible cash reserves to protect us against […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4125","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/4125","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=4125"}],"version-history":[{"count":0,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/4125\/revisions"}],"wp:attachment":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/media?parent=4125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/categories?post=4125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/tags?post=4125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}