Legislative Finance Committee Director Charles Sallee addresses drop in New Mexico’s revenue projections
Description
Economists with the state of New Mexico delivered what Rep. Nathan Small, chair of the Legislative Finance Committee, called a “very sobering" revenue forecast to lawmakers Monday, with projections of total new money being revised down to $105.7 million from an August projection of $484.8 million. For a state that has been awash in new money in recent years, the latest forecast pointed to a change in momentum.
In the latest episode of the “Around the Roundhouse” podcast, Legislative Finance Committee Director Charles Sallee speaks with Santa Fe New Mexican state politics reporter Daniel J. Chacón to provide more information on the downward revenue projections.
Sallee, who has worked with the Legislative Finance Committee since 2005, said that while the projections are directionally bad, the state still has “enormous capacity to do good for New Mexicans.”
Sallee addresses the reasons behind the downward revisions of the revenue forecast and contextualizes the projected revenues compared to prior years.
Sallee also discusses how the state’s trust fund strategy helps support the general fund in an environment with lower oil prices and a dip in revenues.
Chacón asks Sallee if there’s a possibility of lawmakers deciding to raise taxes, and asks what his advice to lawmakers is heading into the upcoming 30-day legislative session.
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