GENERAL FUND REVENUES IN NEW MEXICO ARE DOWN BY MORE THAN HALF-A-BILLION DOLLARS. THAT’S WHAT STATE LAWMAKERS WERE TOLD DURING A MEETING IN RED RIVER ON WEDNESDAY. UNM ECONOMIST JEFF MITCHELL SAYS THE STATE’S BUDGET PROBLEMS ARE ALMOST ENTIRELY DUE TO FALLING OIL AND GAS PRICES. HE SAYS ITS A REFLECTION OF THE STATE’S OVER-DEPENDENCE ON OIL AND GAS.
MITCHELL SAYS IF YOU TAKE LEA, EDDY AND SAN JUAN COUNTIES OUT OF THE MIX, THE ECONOMY ISN’T TOO BAD. HE SAYS ALBUQUERQUE IS DOING BETTER THAN AT ANY POINT SINCE THE END OF THE RECESSION.
