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Budget crisis looms as officials warn of future cuts

July 31, 2024 | Colfax County, New Mexico


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Budget crisis looms as officials warn of future cuts
During a recent government meeting, officials discussed the financial outlook for the upcoming fiscal years, highlighting concerns over a declining cash balance and potential budget cuts. The current cash position stands at approximately $14 million, but officials warned that continued expenditures could lead to significant deficits in the future.

One commissioner noted that while the immediate fiscal year may not pose a crisis, the following year—FY 26—could require personnel cuts if spending patterns do not change. The discussion revealed that the budget is currently over by about $618,516, with expenditures exceeding revenues by approximately $184,000.

Commissioners expressed a desire to maintain a balanced budget, emphasizing the importance of sticking to reoccurring funds and avoiding reliance on one-time transfers. The sentiment was clear: without adjustments to spending, the financial health of the government could be at risk, necessitating difficult decisions in the near future.

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Scribe from Workplace AI
Scribe from Workplace AI