This rate would still be lower than the state sales tax rate in neighboring Southwest states such as Arizona (6.6%), Texas (6.25%), Nevada (6.85%) and California (7.25%) (Sales Tax Clearinghouse, 2010). With this increase, personal income tax rates would not need to be increased. Corporate income tax rates would also remain the same, as they are not a significant component of general revenues. While the move to increase the state sales tax would prove unpopular, it would allow New Mexico to build for a more stable budget future, less reliant on federal transfers, while remaining competitive in terms of corporate and personal income taxes.
Appropriations will also need to be cut in order to save money. The main problem with appropriations in the budget is that a looming and unexpected shortfall triggers rapid cutting of appropriations with little strategic purpose. In addition to instituting 1-2% cuts in funding across the board (which will save between $50-100 million from the budget, the state needs to consider what services it will provide. The biggest budget areas are in Human Services, including unemployment benefits and medical assistance. Unemployment benefits should be reduced to reflect a reduction in federal transfer payments for this purpose. The current budget project shows an increase of 29.9%, or around $165 million, and this should be scaled back to around $100 million by lowering payouts, reducing the payout period and tightening controls on long-term unemployment benefits.
Another area of significant increase in the coming budget that needs to be curtailed in the long run is education spending, specifically at the college and university level. Higher education spending should be reduced down to fiscal 2009 levels, which would save the state $137 million. Ultimately, while the state does gain some benefit from funding higher education, it is competing against private institutions for the same...
Their insights can help to determine the longer term impact on them. Students were included because they can show how these cuts will affect them and offer ideas about ways to possibly offset them. Teachers can discuss how certain decreases will affect the quality of education and their ability to educate students. (Lunnenburg, 2011) (Olden, 2012) The people who are excluded from the budgetary process were selected because they can
This lack of mindfulness, when applied to the education system, can lead to sudden and unexpected change. The authors appear to believe that this is, by association, an affliction of the leadership position, which makes it all the more important to involve the public in the decision-making process. To increase mindfulness, Boleman and Deal (p. 11) suggest the construction of frames, which are basically a type of map by means
However, when you look at the overall graduation rates of the district in comparison with the state average, one could effectively argue that these programs were failures by not keeping the district in line with the state number. There are number of different programs that are restricted from being adjusted these would include funds that would fall under the categories of: other special education funds, internally restricted funds and externally
Budgeting Management The purpose of this research is to explore the relationship between budgeting and planning functions. There are substantial diferences between strategic plans and long-term budgets -- both in how they are created and in the end products. Very few organizations really need a multiyear budget. In fact, for many organizations, including community banks, they can sometimes do more harm than good. The function of the budget is to maintain,
Budget: Reducing Risky Behavior Among African-American Female Adolescents The membership of the American Association of Nurse Practitioners (AANP) is almost 200,000 in number (AANP, 2014a), but sending a survey to all members would be prohibitively expensive. The membership ranks are divided into regions within the United States and regions 2, 3, 5, and 11 represent the more urbanized ones (AANP, 2014b). The addresses of members will be cross-referenced with the major
S. debt. Conclusion Health care is a large part of the federal budget and it is increasing in importance. The rate of growth in health care outlays is greater than the rate of growth in the budget itself. The poses a problem, because the federal budget deficit is increasing in size. Debt service is going to be the most rapidly growing component of the federal budget over the next several years, highlighting
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