The New Mexico Legislature's lead budget-writing committee has recommended a 6.5% increase in state general fund spending that stashes away some oil and natural gas revenue in trust funds to ensure future financial stability.
The Legislative Finance Committee recommended a $464 million increase in sustained spending to about $7.5 billion for the fiscal year that begins July 1. Another $325 million would be set aside for endowments to underwrite early childhood schooling.
The endowment plan is supported by Democratic Gov. Michelle Lujan Grisham. Pay increases are scheuled for public school teachers and state employees under the budget proposal.