Legislative Finance Committee releases nearly $11B budget proposal
Jan 15, 2025
SANTA FE, N.M. (KRQE) – With the legislative session just days away, a key committee of lawmakers shared how they hope to spend taxpayer dollars with a big focus on education, behavioral health, and infrastructure. The budget proposal from the legislative finance committee is nearly $11 billion, more than half-a-billion dollars more than last year.
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"New Mexico is in the best financial situation it's ever been in its history," said Senator George Munoz.
Lawmakers said they're optimistic about their budget recommendation for the upcoming year, which looks to spend $10.8 billion from the state's general fund. "This budget is a responsible investment in New Mexico's future. It continues doing something that I think we really emphasized the last couple of years using now money to make future money," said Senator Peter Wirth (D).
This year's budget is a 6% increase from last year's, equating to more than half a billion dollars more. Almost half of that increase would be directed towards public education which includes increasing teachers' salaries by four percent and money for schools serving lower-income students. Healthcare-related spending increases 23% in this budget, while nearly $80 million would support the healthcare authority for programs such as Medicaid.
"Coming into the session we're going to have a big focus on behavioral health and the framework for that is built into this budget. There will be proposals for a new behavioral health trust fund," said Sen. Wirth.
Lawmakers are also paving the way for more infrastructure projects with over $1 billion going towards road projects, maintenance, and equipment purchases. Another $50 million would go towards NMDOT’s wildlife corridor fund.
"Again, we're very focused on making life better for New Mexicans every single day and we know that with this budget and its prioritization of health care, housing, education, infrastructure, and public safety we're going to be doing that," said Sen. Wirth.
In December, the governor released her proposed budget, which was also nearly $11 billion. Lawmakers say they believe their budget closely aligns with the governor's budget. The full legislature will consider the proposals as they iron out a final bill. The LFC’s proposed budget also sets aside millions for supportive housing including $5 million to help local governments deal with homelessness.