On Jan. 24, the Greater Albuquerque Chamber of Commerce held its monthly board of directors meeting in Downtown Albuquerque.
The Chamber released its Legislative Agenda after the board approved it.
The meeting also featured David Abbey, former director of the Legislative Finance Council, who discussed the state’s fiscal conditions and performance.
In his presentation, Abbey said the state has an opportunity, not just to spend, but to let taxpayers have some money back.
He said putting a brake on runaway spending, as well as fixing things in the tax system, will help the state’s economy.
“If we’re worried about oil and gas being sustainable, then put a sunset on tax changes,” he said. “Let it expire in five years.”
Abbey said it’s important for the state and lawmakers to see the reality for the state regarding revenue. The state has over $50 billion in permanent funds and “may have overdone it with trust funds.”
Abbey also touched on:
- Concerns about expanding Medicaid eligibility to 400% of the poverty line, citing federal spending cuts and the potential impact on state budgets.
- The importance of reading the LFC’s report for a comprehensive understanding of state finances.
- The poor performance of New Mexico in public education despite high funding per student.
- That early childhood education funding has increased significantly, but the impact on workforce participation is minimal.
- The importance of addressing healthcare workforce shortages and improving Medicaid reimbursement rates.
- A call to improve the quality of teachers and the incentives for retaining the best educators.