HOUSE MEMORIAL 72
56th legislature - STATE OF NEW MEXICO - first session, 2023
James G. Townsend and Larry R. Scott
REQUESTING THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO CONDUCT A STUDY AND REPORT ON POTENTIAL BUDGET DEFICITS IN FISCAL YEAR 2034 RESULTING FROM DECREASED OIL AND GAS REVENUE AND ESTIMATES FOR REVENUE INCREASES TO BALANCE THE BUDGET.
WHEREAS, oil and gas revenues account for a major portion of New Mexico's revenues; and
WHEREAS, the country is expected to decrease its usage of oil and gas in the coming years; and
WHEREAS, due to New Mexico's dependence on revenues from oil and gas, the state may experience a budget deficit and need to find alternative revenue sources;
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that the department of finance and administration be requested to conduct a study and prepare a report about offsetting future budget deficits starting in fiscal year 2034 that are expected to result from decreasing oil and gas revenues. The study and report shall include:
A. predicted budget deficits;
B. revenue estimates; and
C. increases in alternative revenue or existing revenue sources needed to balance the state budget without oil and gas revenue; and
BE IT FURTHER RESOLVED that the department of finance and administration transmit a copy of the report to each member of the legislature by January 1, 2024; and
BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the secretary of finance and administration.
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