The new $9.4 billion budget recommendations released by the Legislative Finance Committee (LFC) include raises for teachers and little extra cash for New Mexico residents.
State lawmakers are proposing to spend over $1 billion more than last year, focusing on funding long-term programs while understanding the need to save some funds for the future. They are also looking to give 5% pay raises to state workers and teachers. Gov. Michelle Lujan Grisham’s budget suggests a 4% increase. The LFC is also recommending spending $1 billion on rebate checks for New Mexicans.
“I am incredibly encouraged by this budget because it has spending, but it also has fiscal responsibility,” state Sen. Peter Wirth (D-Santa Fe) told KRQE recently.
Others in the legislature echoed the sentiment.
“We feel in this year in which we are blessed to have large excess revenues in which we can put forth to increase salary measures and to support our judiciary we are very happy to make this recommendation today,” state Rep. Dayan Hochman-Vigil (D-Albuquerque) said in the KRQE report.
Lawmakers noted that the budget has bipartisan approval.
“The most transformational action that we can take during the record-breaking revenue time is to prepare for a future when we don’t have revenue,” state Rep. Patricia Lundstrom (D-Gallup) said. “Fund programs that we know through evidence will pay off in the long run, create endowments that can fund programs in the future, and invest in infrastructure.”
The top issues lawmakers are turning their attention to include education. The LFC wants to spend more than $4 billion, which is up nearly 7% from current spending. Lundstrom said the proposals include “$109 million to expand pre-kindergarten, $263 million in reoccurring, and $261 million in non-reoccurring expenses for public schools.”
They are also proposing $80 million to backfill Medicaid spending.
“Nothing is more important than the health of New Mexicans,” state Rep. Nathan Small (D-Las Cruces) said.