As instructed by the N .M. Department of Finance and Administration in Santa Fe, Village officials have submitted the same preliminary municipal budget for the coming fiscal year as it has for this year. Village government’s projection for revenues during the fiscal year that starts July 1 is a repeat of that for FY 2019-2020 —despite the nationwide economic collapse in March-April.
Part of the rationale is expected financial relief from the federal government for local governments. The Village Council adopted a preliminary budget for FY 2020-21 at its May 26 session.
Revenues for Village government are projected at $5,368,050 for the general fund while expenditures were expected to be $5,103,878. That preliminary budget anticipates $3,051.255 in revenue from various kinds of gross receipts tax.
Presumably, the collapse of retail sales (which yield gross receipts tax) due to closures related to the coronavirus pandemic will have recovered by the time the new fiscal year gets under way.
Property tax paid to the Village is projected at $1,623,193 during FY 2020-21. The preliminary budget had to be submitted to Santa Fe by May 31. The final budget is due June 30.