SANTA FE, N.M. (The Santa Fe New Mexican) — New Mexico’s capital city is forecasting a budget deficit of $100 million for the upcoming fiscal year.
Officials said Monday the staggering shortfall stems from the economic fallout of the coronavirus pandemic.
Santa Fe’s Finance Director Mary McCoy said during a virtual news conference that the expected deficit was unprecedented.
The Santa Fe New Mexican reported it remains to be seen exactly how the city plans to make up the shortfall, and officials declined to say how residents and city employees might be affected.
The projected gap for the upcoming fiscal year follows an estimated $46 million shortfall in the current fiscal year that triggered furloughs.