STATE AGENCIES ARE GOING TO HAVE TO SQUEEZE A LITTLE MORE OUT OF THEIR BUDGETS. GOVERNOR MARTINEZ IS DIRECTING THAT AGENCIES TRIM THEIR SPENDING BY AT LEAST FIVE PERCENT. THE CUTS COULD AFFECT HIRING, OVERTIME, EMPLOYEE TRAVEL AND MORE.
THE STATE IS FACING A BUDGET SHORTFALL OF HUNDREDS OF MILLIONS OF DOLLARS…PRIMARILY DUE TO LOW ENERGY PRICES. THE GOVERNOR SAYS ABOUT A THIRD OF STATE GOVERNMENT REVENUE IS DEPENDENT UPON OIL AND GAS PRODUCTION, AND THAT OVER THE PAST TWO YEARS NEW MEXICO HAS SEEN THE LARGEST CRASH IN OIL AND GAS PRICES IN OUR LIFETIME.
