State Sen. John Arthur Smith, chair of the Senate Finance Committee, and Treasurer Tim Eichenberg, have requested Gov. Susana Martinez to call a special session of the Legislature. The oil and gas slowdown has significantly affected the state’s budget, bringing the state’s overall revenue down $446 million for the 2016 fiscal year, which ended on June 30. As a result, the state government now finds itself at least $150 million short of funding to remain solvent throughout the calendar year.

Eichenberg indicates a failure to call a special session could result in the treasurer’s office failing to honor payments necessary to critical government functions such as schools, police, and prisons.

Photo of the New Mexico State Capitol by Urban on Wikimedia Commons.