GGEDC hosts Economic Roundtable, "The True Cost of Debt"

GGEDC hosts Economic Roundtable, “The True Cost of Debt”

Stakeholders gather to discuss impact of tax policy on economic development

Greater Gallup Economic Development Corporation (GGEDC) welcomed leading New Mexico policy experts and joined community business leaders, elected officials, and residents of Gallup-McKinley County as well as state and federal stakeholders to The Lodge at Santa Fe in Santa Fe, NM for an Economic Roundtable event, “The True Cost of Debt”.

“Every six months the local agencies in Gallup-McKinley County: City, County, Chamber, BID, COG, School District, Branch College, Hospital and GGEDC come together for a day to look at key issues that face our County area”, said GGEDC Executive Director Patty Lundstrom. “In January, our focus was the true cost of debt”.

The purpose of the Economic Roundtable, which took place on January 29, 2016, was to match attendees with policy experts to engage in a facilitated conversation regarding the impacts of tax policy on local economic developments efforts intended to grow and expand the economy of Gallup-McKinley; and in particular, how recent changes in tax policy at the state level are creating conditions locally that elevate the possibility of increases in both gross receipts and property tax. Attending policy experts included those with specialties in taxation, economic development, public education, higher education, finance, and health.

“Not unlike other New Mexico communities we tend to work in silos and fail to look at what the real impact tax increases and mill levy increases have on economic and community development,” said GGEDC Executive Director Patty Lundstrom. “At what point have we taxed ourselves out of any new potential for growth?”

For the Economic Roundtable, the New Mexico Tax and Research Institute provided a white paper outlining challenges placed on small business by the New Mexico Tax Code. Tom Clifford, Cabinet Secretary for the NM Department of Finance and Administration, served as keynote speaker and highlighted the current challenges being presented to the NM Legislature in their efforts to provide a balanced state budget in the wake of the continued decline in oil prices, and its expected negative impact on local government revenues.

Joining the discussion were subject matter experts from New Mexico including Demesia Padilla, Cabinet Secretary, NM Taxation and Revenue Department, Barbara Brazil, Deputy Cabinet Secretary, NM Economic Development Department, Zach Dillenback, Senior Lending Officer, New Mexico Finance Authority, Paul Cassidy, Managing Director, RBC Capital Markets, Steve Kopelman, Executive Director, NM Association of Counties, and Jeff Dye, CEO, NM Hospital Association.

The Economic Roundtable continues a commitment of Greater Gallup Economic Development Corporation to engage partners and stakeholders on economic development policy. In the past, the Economic Roundtable’s hosted by Greater Gallup Economic Development Corporation has included comprehensive economic development training for local elected officials and stakeholders.