Santa Fe, N.M. - The next budget for the state of New Mexico is now in the hands of the Senate, after passage by the House. Here is a statement from the NM House Democrats, with highlights of the plan:
Today, the state’s budget or House Bill 2, a bill that prioritizes New Mexico’s economic relief and provides a framework for recovery, passed the House of Representatives.
The General Appropriations Act of 2021 is a reflection of the legislature’s priorities, making appropriations for economic relief programs and responsibly continuing the state’s investments in education, public safety, health, infrastructure, and long-term economic development. HB 2 appropriates $7.39 billion for Fiscal Year 2022, an increase of 4.6%, or $332 million over FY 2021. It puts the state’s cash reserve balance at $1.76 billion, or 24% of current expenditures. About half of the increase is replacing federal stimulus funds “swapped” in the FY 21 budget.