NM Senator John Arthur Smith (Deming) – A key legislator from Deming is warning that New Mexico could be headed into a financial storm thanks to growing spending pressures and slumping oil and gas prices that have resulted in weaker revenues.
Legislative Finance Committee Chair Senator John Arthur Smith issued the warning during a meeting Tuesday in Santa Fe.
He questioned whether state agencies have any backup plans for reducing spending.
Legislative analysts say agencies already have asked for $85 million in supplemental appropriations to make it through the rest of the fiscal year. That includes some $47 million to cover growing Medicaid costs.
Analysts and lawmakers say they'll have a better idea of whether the state will be able to make ends meet next year when new revenue estimates are released in early December.
Legislative Finance Committee Chair Senator John Arthur Smith issued the warning during a meeting Tuesday in Santa Fe.
He questioned whether state agencies have any backup plans for reducing spending.
Legislative analysts say agencies already have asked for $85 million in supplemental appropriations to make it through the rest of the fiscal year. That includes some $47 million to cover growing Medicaid costs.
Analysts and lawmakers say they'll have a better idea of whether the state will be able to make ends meet next year when new revenue estimates are released in early December.
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