FINALLY, SOME BETTER MONEY NEWS FOR NEW MEXICO. A TOP FINANCE OFFICIAL FOR THE MARTINEZ ADMINISTRATION SAYS THE STATE STARTED THE FISCAL YEAR JULY FIRST WITH RESERVES EQUAL TO 5.3 PERCENT OF ANNUAL SPENDING OBLIGATIONS. AND THAT CUSHION SHOULD BE AT 3-PERCENT AT THE END OF THE FISCAL YEAR.
IT HAD BEEN FEARED THAT NEW MEXICO WOULD RUN OUT OF CASH IN ANOTHER YEAR, PUTTING THE STATE’S CREDIT RATING AT RISK.
