Santa Fe, N.M. – Today, the House Appropriations and Finance Committee passed House Bill 2. The General Appropriations Act of 2020 appropriates $7.614 billion for Fiscal Year 2021, an increase of 7.5%, or $529 million over FY 2020. Here is a statement from the NM House Democrats:
“This budget is a statement on our priorities and values as a state,” said Chairwoman of the House Appropriations and Finance Committee, Representative Patricia Lundstrom (D-Gallup). “I am proud that we’ve passed a budget which responsibly invests in our state’s employees, children, teachers, businesses, infrastructure, courts and in our future. At the end of the day this bill funds our core governmental functions such as public education and healthcare while responsibly ensuring we have enough saved away for a rainy day.”
House Bill 2 passed the House Appropriations Finance Committee and reflects the values of the New Mexico state legislature. The General Appropriations Act of 2020 increases state employee salaries by 3%, public school employee salaries by 4%, and teacher salaries by 5%. In addition to increased salaries, House Bill 2 raises the state’s FY21 reserves to 26.3% and includes $250 million to the New Mexico Department of Transportation for the state’s road priorities, $50 million for the local road fund, and an increase of $15 million for the successful Local Economic Development Act.
Fulfilling House Democrats’ promise to uplift a generation of New Mexico’s kids from a life of poverty, House Bill 2 appropriates $300 million to the Early Childhood Education Trust Fund.
House Bill 2 passed the House Appropriations and Finance committee in a 11-5 party-line vote and now heads to the House floor.