IN SANTA FE, THE NUMBERS AREN’T ADDING UP WHEN IT COMES TO THE STATE BUDGET. REVENUE IS DOWN 10 PERCENT, OR MORE THAN 400 MILLION DOLLARS. AND THAT MEANS A SPECIAL SESSION MAY BE NEEDED.
SENATE FINANCE COMMITTEE CHAIRMAN JOHN ARTHUR SMITH SAYS LAWMAKERS MAY BE FORCED TO TAP INTO THE TOBACCO SETTLEMENT FUND, WHICH TOTALS 240-MILLION DOLLARS. HE SAYS THE STATE HAS BASICALLY BURNED THROUGH MOST OF THE EXISTING RESERVES, WITH THE EXCEPTION OF THE TOBACCO SETTLEMENT MONEY.
SMITH SAYS THE STATE MAY FACE SEVERE BUDGET CUTS NEXT YEAR IF NO ACTION IS TAKEN.
