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The Legislative Finance Committee released its budget recommendations on January 5, as state politicians prepare for the legislative session to begin on January 16. The committee suggests spending will be slightly lower than in the budget proposed by Gov. Michelle Lujan Grisham in early 2019. 1 week.
State economists say that while revenues from the booming oil and gas sector are still rising, they expect that growth to slow in the coming years.
In announcing this year’s budget recommendations from the Legislative Finance Committee (LFC), officials were careful to note that while the $10.1 billion budget allows for a 5.9% spending increase, it also allows for the withholding of funds. emphasized.
Senate Minority Leader Peter Wirth (D-Santa Fe) said the current budget surplus is almost unprecedented in size.
“These are unusual times for our country,” he said. “And what LFC has done here is come up with the right mix, being conservative where it should be conservative, but spending where it should be spending.”
Governor Michelle Lujan Grisham announced on January 4th a somewhat larger spending plan of $10.5 billion. This includes $500 million to expand access to affordable housing and increasing spending on public education to nearly $4.5 billion.
The Legislative Finance Committee’s budget also recommends increasing spending on public schools. Rep. Nathan Small (D-Doña Ana) said education is essential to the state’s future.
“We are actively investing in workforce development across all sectors, continuing to understand that early childhood is the foundation of a strong workforce, from education to K-12,” he said. .
He also said LFC’s proposed budget increases funding for the Department of Economic Development in an effort to diversify the state’s economy away from fossil fuels.
In the face of federal funding cuts, the commission’s budget included more funding than the governor’s budget for Medicaid.
Additionally, the LFC recommends a 4% across-the-board increase in civil servant salaries, while the governor recommends a 3% increase.
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