SANTA FE – 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 NMSNU 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 cuts approved last month by legislators and Gov. Michelle Lujan Grisham to help close a budget gap caused by the pandemic and falling oil revenues.
UNM President Garnett Stokes says that it remains to be seen what the impacts will be and that the numbers are subject to change partly because of uncertainties about possible losses of out-of-state and international students.
However, NMSU Chancellor Dan Arivizu says the anticipated loss in revenue represent enormous budget challenges.
