ALBUQUERQUE (AP) — New Mexico Gov. Susana Martinez said Thursday she will call for a special legislative session to address a budget crunch that has been building because of dwindling state revenues and weak energy prices.
The governor's office is talking with House and Senate leaders, hoping all parties will be prepared to reach quick and easy agreements on shoring up the state's finances that will make the special session brief.
"Yes, we're going to call one for sure and we want to make sure it doesn't go on and on for days and day because it costs New Mexicans about $50,000 a day to have a special session," Martinez said.
While the exact timing for the special session is uncertain, Martinez said it will probably take place in September.
Legislative analysts are expected to release an updated state revenue forecast next week.
They have said the state general fund was short an estimated $150 million for the budget year that ended in June and faces potentially greater shortfalls for the current fiscal year that ends in June 2017.
Martinez earlier this month directed most major state agencies to make spending cuts of at least 5 percent in response to a sharp downturn in tax receipts and revenue tied to oil and gas prices.