Bill to fix New Mexico’s budget passed on to governor’s desk

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SANTA FE, N.M. (KRQE) – A bill to fix the state’s budget is on its way to the governor, despite new disagreements over how to fix the deficit and rebuild reserves.

The Senate gave final approval to a bill that would immediately tap tax payments by insurance companies, instead of waiting for the next fiscal year. That would free up $88 million to shore up the state general fund.

The Legislature is attempting to plug an $80 million current-year deficit and create an emergency fund.

A proposal to reduce public school district funding by 2 percent was sent to committee to decide whether schools with low reserves will be exempt.

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