Governor Michelle Lujan Grisham signed the Fiscal Year 2025 Budget as well as the Capital Outlay Spending Bill.
This puts the spending plan in motion that includes many critical investments for New Mexico.
The budget totals $10.21 billion dollars in recurring spending, this is a 6.8% increase from the past fiscal year.
The reserves for the budget are at 32.5% which is almost record breaking.
$1.8 billion is designated for in-state projects through the Capital Outlay and General Obligation Bond appropriations.
This includes $325 Million for higher education institutions, $110 million for tribal projects, $104 million water infrastructure projects, $71 million for public safety and $33 million for senior center projects among many other initiatives.
Education was a big target of this budget.
Some of the educational investment included a 3% raise for all school personnel, $86 million for literacy programs , and $41 million for universal free school meals.
This budget is also focusing on New Mexico's housing and homelessness issues.
The state will be ingraining $50 million in a housing trust fund at the NM Mortgage Finance Authority, almost $20 million towards statewide homelessness initiatives and $10 million dollars for transitional housing for victims of domestic violence.
For public safety, $25 million will be going toward the firefighter recruitment fund and another $25 million will be going towards the recruitment of law enforcement officials and corrections officers.
And there is a large investment in state Infrastructure and conservation, including $540 million for road improvements, $300 million for the conservation legacy permanent fund, $50 million for water projects and $25 million to improve internet access.
