capitol reports

Capitol Report – February 2, 2024

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Intro:

The Budget has Passed One Chamber, Now the Senate begins its budget review process.

Runs 1:30 Q: std

((Script)):

This is Jason Espinoza with today’s capitol report.

Per the Joint Rules of the New Mexico Legislature, the budget is moving right on time.

The House Floor debated, amended, and ultimately passed House Bill 2, the General Appropriations Act, on Wednesday afternoon, with a 53-16 vote. It now moves on the Senate Finance Committee for review, debate and consideration.

The budget that was approved by the House authorized recurring spending of $10.18 billion from the general fund for Fiscal Year 25. That amounts to almost 6.5 percent above Fiscal Year 24 amounts. The budget also includes over $1.2 billion in non recurring special appropriations and supplemental appropriations.

House Bill two also transfers 1.187 billion from the general fund to a series of endowments and expendable trusts to support future spending in the mid to long term, including natural resources, housing, and government innovation demonstration projects.

According to the Fiscal Impact Report, House Bill 2 builds on the work of the Legislative Finance Committee that focuses investments on evidence-based strategies to improve outcomes for New Mexicans, particularly those that invest in building the state’s human capital with a goal of producing higher personal per capita income. HB2 invests about $100 million to develop the state’s workforce through career technical education, industry recognized certificate programs, and trades and apprenticeships.

For the New Mexico News Network, I’m Jason Espinoza

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