The Greater Albuquerque Chamber of Commerce began its “Business Beat” speaker series with a virtual panel on Dec. 2.
The event was the first of the program year’s online events, which allow the business community to hear directly from high-level experts and decision makers on relevant topics. It had nearly 100 participants.
Del Esparza, President and CEO of Esparza Advertising and Board Chairman of the Greater Albuquerque Chamber of Commerce, moderated the event alongside Terri Cole, GACC CEO and President.
Charles Sallee, N.M. Legislative Finance Committee director, presented information about New Mexico’s finances and economy ahead of what will be a very important, very busy, 60-day legislative session that will begin in January.
Sallee touched on how the state budget continues to break new ground – now $10 billion-plus – as oil and gas prices and production remain high, driving growth across the state’s revenue streams.
He touched on small businesses continuing their COVID/recession recovery, as well as the journey to find qualified workers remaining a challenge for employers.
Cole said Sallee oversees the construction of the budget, keeps legislators apprised of fiscal and economic developments in the state, and leads a staff of program evaluators who analyze the effectiveness of various programs in state government.
Sallee is in his second year leading the LFC. He previously served as the LFC’s deputy director for 12 years and also as a program evaluator in the Roundhouse for five years.
Some of his work has led to major policy changes or cost savings in the areas of Medicaid, higher education, adult and juvenile corrections, public schools and workers compensation.
Sallee said after years of double-digit revenue growth, the August 2024 forecast shows much slower growth moving forward.
He noted that significant volatility in revenues hampers consistent investments, challenging the state’s ability to plan and execute stable budgeting.
“The state’s budget needs are expected to grow, so balancing near-term and long-term needs is constant,” Sallee said.
Sallee noted that $15.3 billion of oil and gas revenue flows through New Mexico — $11.5 billion benefits the state directly.
To view Sallee’s entire presentation, click here.
Blue Cross and Blue Shield of New Mexico President Janice Torrez acknowledged the state has made some big investments in our health care workforce in the last few years, including reimbursement rates, nursing slots in our colleges and loan repayment plans. But she asked Sallee what the state can do about not having near enough providers to deliver health care.
Sallee said that at the LFC, the state focused on expanding coverage but should have focused on access to high-quality coverage.
Esparza thanked Sallee for sharing his expertise.
Torrez wrapped up the meeting by saying the Chamber continues to believe that significant, meaningful tax relief should be a legislative priority and that our capital spending should be better focused on rebuilding the foundations of our economy and communities.
“We don’t want to look back, 20 years from now, and say, ‘if only we had spent those infrastructure dollars more wisely’ or ‘if only we had made New Mexico more tax-friendly and welcoming to businesses and jobs back then,’ ” she said.
Torrez continued with three issues the Chamber is monitoring, which are tied to the long-term health of our economy:
- A shortage of doctors and other health care workers
- A need for stronger academic performance in our public schools
- And crime, specifically a justice system that has made it too easy to commit criminal acts and get away with them.
“The Chamber – our business community – is committed to partnering with those in power to address these issues over the long-haul,” Torrez said. “We have skin in the game, and we have ideas and perspectives to offer.”
