SANTA FE, N.M. – With the legislative session nearing its end, state lawmakers are racing to finalize bills, including the state’s budget plan.
Regardless of which bills make it through, legislators must determine how to allocate New Mexico’s $13 billion in revenue and send a final spending proposal to the governor for approval.
The House introduced a $10.8 billion budget at the beginning of the session, advancing it to the Senate by late February. On Tuesday, the Senate Finance Committee gave its final endorsement, moving the proposal closer to completion.
Senate Finance Committee Chairman George Muñoz described the budget as well-balanced but acknowledged that lawmakers had to address nearly $3 billion in adjustments, including increased allocations for road infrastructure and the Early Childhood Education and Care Department. Despite these changes, the state has retained roughly 30% of its budget in reserves.
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“We’ve worked to ensure that key priorities are funded while keeping our finances stable. Right now, I don’t see any major outstanding concerns,” Muñoz stated.
Budget Highlights:
- Educator Pay Increases – Another round of salary boosts for teachers and additional investments in education.
- Housing and Behavioral Health – Expanded funding to address housing shortages and improve access to mental health resources.
- State Trust Fund Investments – Multi-million-dollar contributions aimed at strengthening New Mexico’s financial future.
Muñoz emphasized that the state is moving away from reliance on oil and gas revenue. By 2030, he expects investment returns to surpass what New Mexico historically generated from fossil fuel revenue.
The budget plan received a 9-2 approval from the Senate Finance Committee. Lawmakers are pushing to finalize it swiftly so the House can review any last-minute changes before the session concludes.
Once the budget reaches the governor’s desk, she will have the power to veto specific items but cannot add new allocations. This ensures that any funding adjustments remain within the legislature’s control .
