Albuquerque mayor: Economy weaker than expected

Aug 3, 2012

Albuquerque's economic activity has been weaker than expected over the past 12 months.

The Albuquerque Journal cites budget figures in saying the economic growth also has been slower than in the previous year.

Mayor Richard Berry says the city had projected growth of 2.9 percent for the most recent fiscal year. But figures show an increase of only 1.9 percent in gross-receipts taxes.

The economic slowdown doesn't mean the city will have to dip into reserves to make up for the $1.7 million it had been expecting.

Berry says that' because the administration has spent less than budgeted.

Berry says he also doesn't expect any layoffs, service reductions or other dramatic changes at City Hall.