--2 What The State Budget Deficit Looks Like
         
March 1, 2015

This Week's SFR Picks

Newsletters

* indicates required
Choose your newsletter(s):
February 4, 2015 by Peter St. Cyr  
February 18, 2015 by Peter St. Cyr  
February 11, 2015 by Emily Zak  
February 11, 2015 by Joey Peters  

Special Issues

Protesting the PARCC

Suspended teens want meeting with state officals about the standardized test

Local News A dozen Santa Fe High School students stood in front of the state Public Education Department today, calling for a meeting with Public Education Department Secretary Hanna Skandera over testing that they say goes too far. ... More

Feb. 25, 2015 by Joey Peters

 

 

What The State Budget Deficit Looks Like

October 13, 2009, 12:00 am
By Corey Pein
First, a caveat: This information was already out of date when I picked it up from the Legislative Finance Committee last week. An economist there says continued decline in the broader economy will make for bigger projected deficits as state lawmakers prepare to meet Oct. 17 for a special session on the budget.

I'll update this post when I have better numbers. Still, these give a pretty stark picture of what New Mexico faces going forward, per this week's forthcoming story in SFR.

deficit

As the scrawl suggests, the numbers in parens are the state budget deficits for this and the next fiscal years. They add up to approximately $656 million, or roughly 8.5 percent of what the state takes in in a year.

Why is this happening? The R-word, of course.

grtchartThis chart shows what happened to statewide gross receipts tax collections since the summer of 2007, before the recession hit hard around the country. Those GRT figures are a decent measure of how much people and businesses are spending. As you can see, not so much. (This chart also shows that the recession did in fact come to New Mexico somewhat late—around December 2008.)

You can download the whole 13-page PDF from which these figures were derived right here. For those without that much time to kill, this last chart is an important one.

newmoneyThis says even if lawmakers succeed in balancing this and next year's budget through another round of cuts, they'll still be running a deficit of at least $116 million for fiscal year 2011. The word for that is "punting."

 

comments powered by Disqus
 
Close
Close
Close