SANTA FE, N.M. (AP) – New Mexico budget officials say state government finances continue to deteriorate as tax collections and other revenues declined sharply during a recent three-month period.
The state Legislative Finance Committee released figures Tuesday that show state general fund revenues fell by 9.4 percent to $1.3 billion for the three month period ending in September versus the previous year. Revenues for the month of September were down nearly 12 percent from a year ago.
New Mexico state lawmakers and Republican Gov. Susana Martinez are wrestling with how to close a stubborn budget deficit linked to a sustained downturn in the oil and natural gas sectors.
The state has slashed spending at most agencies about 8 percent this year to offset plunging revenues. New Mexico’s credit rating has been downgraded slightly this year.