New Mexico legislators back slower, sustained growth in government programs with budget plan

By MORGAN LEE
Associated Press

SANTA FE, N.M. (AP) — Leading New Mexico lawmakers are recommending a 5.9% increase in general fund spending for the coming fiscal year amid a windfall in oil-related income. Announcing the proposal Friday, legislators are sounding a cautionary note on the future of the state’s petroleum bonanza with plans to set aside more money in savings and investment accounts. The proposal from a lead budget writing committee to the Democratic-led Legislature would increase general fund spending by $566 million for the fiscal year running from July 2024 to June 2025. The budget blueprint would bolster efforts to improve student achievement in public education and buttresses health care for people in poverty or on the cusp.