New Mexico universities face prospect of budget challenges
July 19, 2020
SANTA FE, N.M. (AP) — Officials say the University of New Mexico and New Mexico State University face the prospect of major budget challenges because of reduced state funding and other fiscal fallout from the coronavirus pandemic and reduced energy prices.
The Santa Fe New Mexican reports that UNM likely faces a $22 million cut in state funding while New Mexico State will have about $20 million less to spend in the current fiscal year because of reduced state funding, revenue losses from lower enrollment and other circumstances.
The universities' fiscal troubles stem partly from spending...