The Associated Press reports yet another sign of the economic times — pension finances for state and municipal government workers continue to decline. From $12.2 billion in mid-2008, the Public Employees Retirement Association fund dropped to $8.9 billion only a few months later in December. The Educational Retirement Board has seen a $2 billion drop in the same six-month period.
The Legislature will face off with several proposals to increase pension-fund contributions and liabilities and to require state workers to merely work longer before retirement eligibility.
KOB is reporting that some lawmakers are pushing a bill supporting a tobacco tax increase. Such a bill would tack on $1 per pack of cigarettes, more than doubling the current tax of 91 cents. Supporters hope the tax hike would discourage kids from starting smoking.
The AP also reviews yet another tax issue facing the Legislature — tax credits for New Mexico chile farmers. In the face of intense foreign competition, the tax credits would encourage farmers to devote more acreage and resources to the state’s signature spicy crop.
Beyond the world of lawmakers and taxes, AeroMexico has begun providing flights between Albuquerque and Chihuahua City, Mexico, as of yesterday, reports the New Mexico Business Weekly. As chairman of the New Mexico-Chihuahua Commission, Gov. Bill Richardson boarded the first flight to Chihuahua City. The Mexican carrier seeks to bring Mexican travelers from hubs such as Mexico City and Guadalajara into New Mexico.