SANTA FE – Amid an unprecedented fiscal outlook for the state, the New Mexico Department of Finance and Administration on Thursday released the FY23 Executive Budget Recommendation from the administration of Gov. Michelle Lujan Grisham, totaling $8.4 billion in recurring spending, a 13.4% increase from the last fiscal year. The executive recommendation will maintain reserves at 36.4%, among the highest in the state’s history, while increasing key state investments in priority areas like education, public safety and economic development.
“There’s a saying that budget is policy, and this executive recommendation paints a clear picture of where this administration stands and where my priorities lie,” said Gov. Lujan Grisham. “These are investments that take us beyond the status quo, beyond decades of unnecessary austerity – these are investments that carry our state and its people into a future that lifts up every New Mexican.”
The FY23 budget recommendation builds upon the progress of the Lujan Grisham administration, responsibly investing in proven economic drivers and evidence-based educational initiatives while improving New Mexicans’ quality of life through funding for public safety, healthcare, hunger initiatives and environmental protections.
The budget recommendation includes the following:
- $276.9M to provide 7% raises to New Mexico education personnel and increase base educator pay levels, putting New Mexico teacher salaries above those of neighboring states
- $195.1M to expand pre-K capacity, boost early childhood educators’ salaries, and launch new programs that support New Mexico’s youngest learners
- $85.5M to make tuition-free college available to more New Mexicans than ever before through the Opportunity Scholarship
- $11.4M in funding for early literacy programs for K-12 students that provide specialized reading instruction and supports to students
- $10.5M for higher education programs that help teachers pay for college and pay off loans
- $10M for the state’s dual credit program, which gives high school students a leg up before college and saves families money
- $100M for a new fund to recruit, hire and retain law enforcement officers and staff around the state
- $14.6M to provide raises and longevity pay to New Mexico State Police officers
- $18.2M for local fire departments to purchase equipment, boost recruitment and upgrade facilities
- $50M to create a Media Academy that provides training, internships and other resources for students seeking to enter the state’s established film and media industry
- $13M in recurring and nonrecurring funding for the state’s Job Training Incentive Program, as well as $50M in nonrecurring funding for the Local Economic Development Act program, which have collectively brought $5 billion in new capital investments to New Mexico since 2019
- $6.5M to support the state’s Cannabis Control Division
- $52.4M for state employee raises
- $14.4M for the state’s largest investment in hunger initiatives in history, spanning eight agencies and addressing hunger for children, families, adults and seniors
- $2.5M to create a 15-person Climate Change Bureau within the Environment Department focused on implementing policies that ensure the state meets its ambitious greenhouse gas reduction goals
- $3M for a home caregivers program within the Aging and Long Term Services Department that will provide respite, homemaker services and minor home modifications
The full details of the FY23 Executive Budget Recommendation are available here.
Information from the Office of the Governor.