New Mexico’s Legislative Finance Committee has recommended a $10.8 billion spending plan for the 2025-2026 fiscal year, representing a 5.7% increase over the previous year. The budget proposal includes $3 billion in one-time spending for various projects, with a focus on improving education, healthcare, and quality of life for New Mexicans.
Democratic lawmakers highlighted the budget’s emphasis on public education, healthcare, and salary increases for higher education and state employees. The plan also includes funding for infrastructure projects and reserves for future needs.
Governor Michelle Lujan Grisham’s budget recommendations align closely with the committee’s proposal, setting the stage for a productive legislative session. Department of Finance and Administration Cabinet Secretary Wayne Propst emphasized the importance of responsible spending and building reserves for the future.
Overall, the budget aims to improve the lives of New Mexicans in the short and long term, with a focus on sustainable growth and stability. Lawmakers are optimistic about the state’s financial future and the potential for continued progress in the coming years.
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