The state of New Mexico is preparing to allocate nearly $11 billion from its general fund. This budget process, described as sophisticated and transparent, involves input from various stakeholders including state agencies, private entities, and citizens. Both the governor and the Legislature develop independent budgets, providing a check-and-balance system.

The fiscal year for New Mexico begins on July 1 and ends on June 30. Currently, efforts are focused on constructing the FY 26 budget. The General Appropriations Act, or HB 2, serves as a placeholder until the committee develops amendments for a spending plan to be proposed to the full House.

To determine available funds, New Mexico uses a consensus revenue estimate prepared by economists from both legislative and executive branches. This nonpartisan group provides an economic forecast to guide budget decisions.

"New money" refers to uncommitted funds when revenue exceeds ongoing costs. Recent high oil and gas production has resulted in surplus funds being invested in permanent funds that generate income for programs like early childhood education.

House Bill 1 (HB 1), funding the legislative session and district offices' aides across the state, passed unanimously in the Senate and awaits the governor's signature. The bill allocates $14 million for hiring more than 100 new legislative aides.

Among new legislators are Mark Murphy in District 59 and Joseph Hernandez in District 4 for the House; Steve Lanier in District 2 and Cindy Nava in District 9 for the Senate.

As legislative sessions continue, further developments are expected with updates on specific issues of concern identified by chambers of commerce.