NM’s short-term economic forecast improves over last projections

New Mexico’s financial outlook has improved yet again. While revenues are still expected to fall in the fiscal year that begins July 1, the drop won’t be as bad as predicted in December. General fund recurring revenue for the upcoming fiscal year is now estimated to decline by 8.5 percent, an improvement over the 10.9 percent drop forecast just two months ago, according to updated revenue projections presented Wednesday to the Senate Finance Committee. “The [fiscal year 2022] general fund recurring revenue is forecasted to grow by 4.9 percent compared to [fiscal year 2021], so the good news is … that there’s $339 million of new money,” Debbie Romero, acting secretary of the state Department of Finance and Administration, told the committee.

Tax officials asks lawmakers to push back bill’s date for legal pot sales

When it comes to legalizing cannabis for recreational use, those responsible for running state government have a warning for lawmakers: Not so fast. The proposed legislation calls for the state to begin licensing retailers as soon as January 2020. But the state Taxation and Revenue Department has told lawmakers the deadline is unfeasible and asked that they push it back to 2021. The change would shove further into the future the day when New Mexicans who are 21 and older could freely buy cannabis from retailers. And that’s if House Bill 356 even passes this year, which may be a long shot, as the 60-day legislative session is in its final month and some Democratic senators remain opposed.

Governor appoints two to lead tax agency, Department of Indian Affairs

Gov. Michelle Lujan Grisham on Tuesday named Santa Fe County’s finance director as secretary-designate of the New Mexico Taxation and Revenue Department and appointed a member of Sandia Pueblo with a background in tribal law as head of the state Department of Indian Affairs. The Cabinet-level appointments of Stephanie Schardin Clarke to lead the tax agency and Lynn Trujillo to lead Indian Affairs leave the Democratic governor with two remaining Cabinet positions to fill — secretaries of the Department of Corrections and the Public Education Department. 

Lujan Grisham, who has made public education one of her top priorities, indicated Tuesday that an appointment for public education secretary could be coming soon. In the interim, Lt. Gov. Howie Morales, a former educator, is overseeing the department. Santa Fe County Finance Director Stephanie Schardin Clarke was appointed Tuesday as the new Cabinet secretary-designate of the state Taxation and Revenue Department. Among Schardin Clarke’s goals, the governor said, will be to make the tax agency’s Motor Vehicle Division more “responsible, accountable and customer friendly.”