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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Texas, New Mexico state governments amend budgets with declining revenue

June 4, 2020 by Sarrah Barton

State governments in Texas and New Mexico are considering the impact on their budgets of declining revenue. Texas’ top lawmakers – Governor Greg Abbott, Lt. Gov. Dan Patrick and House Speaker Dennis Bonnen – sent a letter last month to heads of state agencies, colleges and universities to submit plans by June 15 to cut five percent from their budgets because of the economic impact of coronavirus pandemic and declining sales tax and oil and gas revenue. Several Texas agencies are excluded, including Emergency Management, Health Services, Workforce Commission and Public Safety.
New Mexico Governor Michelle Lujan Grisham called a special session of the state’s legislature to begin June 18 to adjust the state’s budget. Santa Fe New Mexican said the state is facing a budget shortfall next fiscal year of from $1.8 billion to $2.8 billion. And revenue for current fiscal year that ends June 30 could be short $368 million to $483 million because of pandemic and declining oil and gas revenue. New Mexico officials hope federal stimulus money and the state’s own reserves will help it avoid making “deep cuts” in areas such as education, health care and public safety.

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: budget cuts, permian basin

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