Governor Bill Richardson today announced he is putting an additional $3,136,407 of stimulus funds into the state budget to help offset cuts to services and prevent any possible furloughs or layoffs. The funds represent the remaining balance of discretionary money made available to Governor Richardson as part of the American Recovery and Reinvestment Act.
"In order to balance this year's budget, we had to make necessary cuts to state services and programs," Governor Richardson said. "I am putting this additional money into the general fund to offset some of those cuts to our most critical services and hopefully prevent any furloughs or layoffs the new administration might propose when they take office January 1st."
Governor Richardson also announced today that the state is no longer moving forward with a plan to purchase the Ortiz Mountain Ranch to expand Cerrillos Hills State Park and establish a wild horse sanctuary. Final details of the project appeared unlikely to be completed prior to the end of the year. The money set aside for that project makes up the majority of the funds now
going into the state's general fund.
"While the purchase of the ranch was a great opportunity for the state, and would have been a big boost to tourism and the local economy of the Galisteo Basin, moving forward at this time is unfeasible," Governor Richardson added.
Governor Richardson had previously allocated $28,519,223 to offset cuts to the state budget. These allocations have preserved important state services and prevented furloughs in a number of state agencies. With these additional monies, Governor Richardson has allocated more than half of his discretionary stimulus fund to shoring up the state's general fund.