George Muñoz, a New Mexico State Senator, emphasized the importance of fiscal restraint in transforming recent revenue growth into sustainable funding for state services. He made this statement in a press release on January 15.
"Fiscal restraint has been critical to our successful efforts to transform the revenue boom of the last few years into long-term support for state services," said Muñoz.
According to the New Mexico budget report, the Legislative Finance Committee's Fiscal Year 2026 (FY26) budget recommendation proposes $10.8 billion in spending, marking a 5.7% increase from Fiscal Year 2025 (FY25). The budget includes allocations for one-time projects such as $350 million for transportation, $222 million for water projects, and $50 million for regional recreation centers. General fund reserves are projected to remain at 33% of planned spending.
The press release also quotes Senator Pat Woods expressing concerns about the budget recommendation. Woods said that it expands bureaucracy rather than reducing burdens on taxpayers and businesses. He said, "Simply throwing money at the problems has not generated positive outcomes." Woods stressed that expenditures should be aimed at achieving measurable goals with a clear return on public investment.
New Mexico Voices reported that despite increases in education funding, New Mexico ranks last in the nation for education outcomes. Significant disparities persist in proficiency and graduation rates among students of color and those from low-income families. While the state's funding system is more equitable than most, it still fails to meet the deep needs of high-poverty districts, leaving many students without necessary support to succeed academically and lagging behind national averages.
According to Laureate Education Inc., George Muñoz is the principal of Muñoz Investment Banking Group, LLC, and a partner at Tobin & Muñoz, LLC. He previously served as President and CEO of the Overseas Private Investment Corporation and as Chief Financial Officer (CFO) of the U.S. Treasury Department. Muñoz is also a certified public accountant and attorney who has held leadership roles including president of the Chicago Board of Education and director of several major corporations.
