SANTA FE, N.M. (AP) — Adjustments to a $7 billion annual general fund spending plan for the state of New Mexico would devote greater resources to economic development subsidies and drop a requirement that the University of New Mexico revive recently disbanded sports teams.
The lead Senate budget committee on Monday endorsed a $703 million increase in general fund spending for the fiscal year starting July 1. That represents an additional $19 million beyond the House-approved bill.
The amended bill now moves to the full Senate for a vote.
Senate amendments could boost current year spending by $60 million on a closing fund to encourage business expansions.
Minor adjustments were made to a plan for public education spending of $3.25 billion that represents a 16 percent increase over current-year spending.