Amid an unprecedented fiscal windfall for the state, the New Mexico Department of Finance and Administration released the FY24 Executive Budget Recommendation from the governor today, totaling $9.4B in recurring spending, an 11.9% increase from the last fiscal year. The recommendation will maintain reserves at 34.9%, while increasing investments in priority areas like housing and homelessness, health care and behavioral health, education and child well-being, public safety, and economic development and tax rebates.  

 

“This budget builds upon the immense progress and success of the last four years, continuing to improve the lives of the people of New Mexico by funding programs, policies and initiatives that we know are working,” said Lujan Grisham. “It also empowers the state to continue to take on new and innovative strategies that are disrupting the status quo, that help our children, our families, our schools, our small businesses and our entire economy to grow and prosper.”

 

Highlights from the budget recommendation include the following:  

 

Housing and Homelessness

 

$25M for rental assistance and eviction prevention

$10M for the state’s Home Ownership Down Payment Assistance Program

$6M for a new comprehensive landlord support program

$4M for mobile homelessness response teams at the Department of Health  

 

Health Care & Behavioral Health

 

$200M to establish the Rural Health Care Delivery Fund

$28M for the Health Professional Loan Repayment Program  

$10M for the New Mexicare senior caregiver support program

$5M for additional support for alcohol abuse prevention and treatment

$32.5M for graduate medical education programs across the state

$7.7M for nursing programs at New Mexico’s higher education institutions

$5.8M to maintain existing school-based health centers and expand access to more than 25,000 students

 

Education and Child Wellbeing

 

$220.1M for extended in-classroom learning time

$30M to provide healthy universal school meals

$2.9M to the Children, Youth and Families Department for 60 new protective services staff, to be supported by additional federal matching funds

$277.3M for continued investments in affordable, high-quality childcare  

$131M to maintain and expand access to high-quality pre-k education

$40.4M for the continued expansion of early childhood home visiting

$111.1M to provide a four percent salary increase for all school personnel

$100M for health care premium costs for public school personnel

$157.4M for the Opportunity Scholarship funding free college education

 

Public Safety  

 

$100M for continued law enforcement recruitment funding

$4M for Law Enforcement Survivors Benefits  

$4M for Firefighter Survivors Benefits

$2.2M to create two hotshot forest fire crews

 

Economic Development & Infrastructure

 

$1B in economic relief through tax rebates  

$128M for water infrastructure improvements  

$146M for continued statewide broadband expansion

$35M for Local Economic Development Act funding to attract new manufacturing businesses to local communities

 

The executive budget also includes $91.3M to provide a four percent pay raise for all state employees to ensure New Mexico’s workforce is competitively compensated.Governor’s budget recommendation is largest in state history