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· Renew our role as an innovation state
· And provide a safety net to catch those who fall.
The engine of this economic plan is a strong, responsible and balanced budget—that targets cuts where we can manage it, maintains services where we need it, and makes strategic investments to create more jobs.
My budget does not demand an across the board cut for every agency. And it does not raise
taxes, nor cut our most essential services.
For the last six years, I've staunchly defended a 10 percent reserve—or rainy day fund. But, if our national economy is the weather, then it’s raining—hard.
So, I propose that we draw down our rainy day fund from ten to eight percent---Enough to preserve our high bond rating and help balance our budget.
In the last six years, this legislature and administration worked together to reform how we budgeted capital projects. We left behind provincial views which pitted us against each other. And we began strategic investments into vital statewide projects—building new schools in overcrowded areas, constructing projects to guard precious water resources, and modernizing our roads and highways.
Today, I propose we take the next step.
Working together—my administration, this legislature, and local governments across our state have identified hundreds of stalled or stopped projects—some that have not moved for 3 or more years. I am putting legislative projects and executive projects on the table. I propose that:
If a project creates jobs-keep it.
If it protects the public safety-save it.
If it does not-reinvest those funds into this year's budget to keep our school doors open, our cops on the streets, and keep our financial condition sound.
Our citizens should know that, months before this session began, my administration and this legislature started working hard to forge compromises, and balance our current budget. It's just the beginning of the session, yet we found a lot of common ground, and I’m hopeful we can reach an agreement quickly. That is a good sign and much of the credit belongs to our hard-working citizen-legislature.
This year, creating jobs must be job one. New Mexico has opened the door to clean energy and clean tech companies with targeted tax incentives, a strong renewable portfolio standard, and progressive energy efficiency standards. We've made our state a reliable place to invest, and new companies from around the world are moving and expanding into New Mexico:
Schott Solar, Hewlett Packard, Fidelity Investments, Signet Solar and ReelzChannel are a few of the major companies coming to New Mexico and who will create more than 4500 jobs over the next few years.
