Lawmakers on the Legislative Finance Committee announced last week their recommendations for the New Mexico state budget for the 2024-2025 fiscal year, with recurring investments from the general fund that total $10.1 billion, a 5.9 percent increase over last year.
Key proposed investments include significant funding increases for healthcare, education, child wellbeing, and community safety. LFC’s recommendations provide the framework that lawmakers will use to create the General Appropriations Act, House Bill 2, in the upcoming legislative session.
“Our future is built on the decisions we make today,” said Representative Nathan Small (D-Las Cruces), who serves as vice chair of LFC and chair of the House Appropriations and Finance Committee. “We must remain focused on addressing New Mexicans’ greatest needs now, while also setting our state up for lasting success for generations to come.”
Next week, HAFC will start meeting with state agencies to discuss their budget requests. Last year, HAFC began taking input from members of the public during agency budget hearings, to give New Mexico’s diverse communities a voice in the budget process. Members of the public can participate in public comment in these hearings, either in person at the Roundhouse or by accessing the Zoom link on the HAFC agenda.
“Greater transparency and openness in our budget process has allowed for more collaboration across our committees and our chambers, so that we can better serve the people of New Mexico,” said Representative Derrick Lente (D-Sandia), who serves as chair of the House Taxation and Revenue Committee and a member of LFC. “The work we have done in LFC over the last several months lays a strong foundation on which we will continue to build during the session.”
Highlights from LFC’s recommendations include:
- $4.42 billion for New Mexico’s public schools
- $783 million for early childhood services
- $134 million for Medicaid services
- $20.1 million to develop our child welfare workforce, in the form of a multiyear expandable trust
- An additional $2.9 million to the Department of Public Safety, in addition to increases for the courts, District Attorneys, and public defender
