New Mexico Legislature approves solvency plan

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SANTA FE, N.M. (AP) – The Latest on efforts to fix New Mexico’s budget deficit (all times local):

The New Mexico Legislature has approved a package of budget solvency bills that would fill a current-year deficit and restore depleted reserves, as state government wrestles with plunging tax revenues.

The House and Senate on Wednesday approved a $216 million solvency package that would rebuild state reserves to 2.3 percent of annual spending.

Newly approved bills target $46 million in local school district reserves to shore up the state general fund, and transfer of $81 million from dozens of state accounts and select programs. Republican Gov. Susana Martinez has three days to consider the bills once they reach her desk.

Members of a conference committee brokered a compromise on several controversial provisions. School districts that have reserve balances under 3 percent of annual program spending are exempt from cuts.

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