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Wednesday, November 19, 2008

Governor Wants List for Capital Project Cutbacks

By Barry Massey
Associated Press
       SANTA FE — Gov. Bill Richardson has ordered state agencies under his control to develop a plan for 15 percent reductions in spending on capital improvement projects.
    The goal is to identify projects that could be eliminated by the Legislature to free up money to help cover a budget shortfall this year.
    A memorandum was sent this week to agencies directing them to submit plans by Friday to the Department of Finance and Administration for reducing capital outlay appropriations for projects.
    Last month, the governor called for cutbacks in state spending, including capital projects, to help offset a projected budget shortfall of more than $200 million. Some lawmakers say the revenue outlook has worsened and the budget shortfall may approach $500 million this year.

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