New Mexico officials are revising revenue expectations downward as state lawmakers confront state budget shortfalls reminiscent of the 2008 recession.
Members of the Legislative Finance Committee that drafts the state budget are meeting Wednesday in the town of Red River to examine tax receipts for the budget year that ended and June and projections into the near future.
Economists from the Legislature and three executive-branch agencies provide the mid-year snapshot of state finances. The estimates are likely to set the stage for a special session of the Legislature in September to address last year's budget shortfall and a projected deficit this year. New Mexico Gov. Susan Martinez says she plans to reconvene lawmakers and has recommended all state agencies reduce spending by 5 percent.
New Mexico is one of several states dealing with general fund revenue declines linked to a sustained slump in oil and natural gas prices.
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