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| Rob Nikolewski |
From Capitol ReportNewMexico.com - Political promises ran smack into financial reality Wednesday (Oct. 20) at the Statehouse. Budget officials appeared before the Legislative Finance Committee (LFC), telling lawmakers that recurring revenue is down by $40 million from the July forecast and the state deficit for fiscal year 2012 is at $257.6 million. That means that despite recent belt-tightening measures that have seen layoffs, furloughs and cuts throughout many state agencies, more painful decisions must be made by both houses of the legislature and the newly-elected governor in regards to next year’s budget. Unlike the federal government, which can run up deficits each year, state governments must balance their books. Read more here:
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