February 10, 2024

Budget updated in Finance, hearing tomorrow

The Senate Finance Committee updated HB 2, the state budget, on Saturday but said they would not hold the hearing on the bill until Sunday. The committee updated the bill with some technical corrections to the bill. These changes included moving $470,000 from the Resource Management Division’s Personnel Services and Employee Benefits to the Environment […]

Nicole Maxwell

The Senate Finance Committee updated HB 2, the state budget, on Saturday but said they would not hold the hearing on the bill until Sunday.

The committee updated the bill with some technical corrections to the bill. These changes included moving $470,000 from the Resource Management Division’s Personnel Services and Employee Benefits to the Environment Health Division’s Personnel Services and Employee Benefits and added more than $2.5 million in Department of Finance and Administration funds from the American Rescue Plan to the Appropriation Contingency Fund to replace lost revenue during the COVID-19 public health crisis.

The committee approved the amendment unanimously 11-to-0.

The proposed FY 25 New Mexico budget is $10.18 billion, a 6.5 percent increase in recurring funding from FY 24.

HB 2 passed the House on a 53-to-16 vote earlier in the legislative session. The two chambers must pass identical versions of the bill to send it to the governor, so the House will either need to agree with the changes or negotiate a compromise once it is sent back to that chamber.