N.M. House Passes Solvency Package
SB113 and SB114 Head to Governor’s Desk
Santa Fe, N.M. – Tonight, the New Mexico House passed a solvency package that settles the budget for FY17 while minimizing the effect on schools, infrastructure projects, and basic services for New Mexicans. The agreement passed by a vote of 36 to 32.
Prior to the voice vote, the bills were discussed in bipartisan, bicameral conference committees, each containing two members from the majority and one from the minority from each chamber.
“We have been working day and night on this solvency package, to fulfill our constitutional responsibility to balance the budget” said Rep. Patty Lundstrom (D-Gallup). “We walked into the Roundhouse facing a budget in absolute crisis, and now that we have reached fiscal solvency, we can begin the real work to build New Mexico’s economy.”
“Our solution while not pain-free, it is far less than the $120 million cut to schools proposed,” said Rep. George Dodge (D-Santa Rosa). “Everyone had to make tough choices here, and we all had to come together to swallow this very difficult pill.”
The solvency package mitigates cuts to New Mexico’s most vulnerable school districts by ensuring they keep 3% cash reserves.
SB 113, and SB 114, now join HB 4 on the Governor’s desk as part of a solvency package to balance the state’s budget as required by the New Mexico Constitution. The Governor has three days to sign or veto the solvency legislation.