N.M. House Passes Measure to Sweep Cash Balances from Various Accounts
Santa Fe, N.M. - Today, the New Mexico House passed Senate Bill 113 by a vote of 37-30 to sweep cash balances from various accounts to put into the general fund in an ongoing attempt to achieve fiscal solvency. House Democrats voted down a Republican amendment to raid funds from the Pubic Employees Retirement Association of New Mexico (PERA), which handles the retirement funds for our state’s police officers, firefighters, judges, magistrates, and more.
“The harsh reality is that the policies of the last few years have resulted in a fiscal abyss,” said Rep. Patty Lundstrom (D-Gallup). “We came in on opening day knowing we had a crisis situation. We have a constitutional responsibility to fix the budget hole and that’s non-negotiable.”
"These are incredibly hard choices and everyone has cooperated in order to fulfill both our responsibilities as legislators and our constitutional obligations," said Rep. Liz Thomson (D-Albuquerque).
Since the beginning of the session last week, Democrats and Republicans in the House and Senate have introduced and debated a series of bills aimed at achieving fiscal solvency. The Constitution of New Mexico requires that the state have a balanced budget. The amended bill will now return to the New Mexico Senate for concurrence.