The State Legislature is meeting in special session to address a shortfall in the budget for the fiscal year 2010 (July 1, 2009 through June 30, 2010). The shortfall is estimated to be around $650 million and will likely be addressed primarily with cuts in the budget (See SF New Mexican article).
The House passed HB 17 which cuts spending by state agencies with the executive agencies headed by the Governor getting the biggest cut of around 8 percent. SB 29 reauthorizes several capital outlay projects (including acequias) from general funds to severance tax bonds. Other budget cutting measures still pending include measures to cut funds from capital projects that were funded but have not yet started. These cuts will likely affect acequias.