NM House Passes Its Proposed Budget
The State House Appropriations and Finance Committee has presented its proposed budget for the upcoming year.
It was quickly passed by the full House Thursday.
The $8.47 billion proposal is an increase of 13.8 percent from the current budget. It’s less than a half of a percentage point off of what the Governor and the Legislative Finance Committee have presented.
It also includes a seven-percent pay hike for all state and education employees and increases their minimum wage to $15 per hour.
Committee Chair Patricia Londstrom says the proposal addresses the growing needs of the state.
“We’re proposing responsible investment in education, public safety, rural communities, our environment, energy, and economic development,” she said. “We believe this will lead to transformational outcomes for the people of our state”
The proposal also includes a General Fund balance of 30-percent as a rainy day fund.
The House, Senate and Administration will have to work out their differences before the session ends on the 17th.