Tim Keller, NM State Auditor, gave a talk entitled “The Myth of Scarcity” at last week’s packed PDACNM meeting, reviewing several ways to better manage our spending and taxing to provide money for the budget shortfall. Here is a summary of his presentation from his Facebook page:
“Our state’s Myth of Scarcity tells us that we simply don’t have enough for our most important programs. Because the budget is tight, we don’t make the structural changes we need. But our office’s research has found we can rethink the status quo by examining three pots of money:
1) Utilize over a billion dollars sitting in fund balances in 300+ government accounts
2) Fix our Swiss Cheese tax code and the over $1 billion in tax breaks our state gives away each year
3) Address the hundreds of millions that our government spends on out-of-state contracts.
While we might not be in a situation of abundance, these are ways to make better decisions with our state’s resources and do what we need to do to help our state.”