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SANTA FE, N.M. (AP) — New Mexico's revenues are lower than expected for the newly started fiscal year, and it will force a new round of budget cuts to trim spending by about 3 percent.
The Legislative Finance Committee received an updated financial forecast Wednesday, showing the state with a $200 million budget shortfall in the fiscal year that started this month.
Revenues are projected to be almost $160 million lower than what had been anticipated this year, and $32 million short in the fiscal year that ended in June.
A budget law requires Gov. Bill Richardson to cut spending across the board if revenues and reserve transfers won't cover spending.