capitol reports

Capitol Report – February 12, 2024

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Intro:

The budget is making its way through the legislative process with only a few days left in the legislative session.

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This is Jason Espinoza with today’s capitol report.

The Senate Finance Committee approved the State Budget with Senate amendments on Sunday morning.

The Senate Finance Committee amendment to the state budget, House Bill 2, includes total authorized recurring spending of $10.19 billion from the general fund for FY25, an increase of $31.6 million from the budget passed by the House.

Including the feed bill, which funds legislative operations, total recurring spending for FY25 is just over $10.22 billion, almost $653 million, or 6.8 percent, above FY24.

The SFC amendment also includes $1.316 billion in nonrecurring special and supplemental appropriations and authorizes $220 million from the general fund for local roads, road maintenance, and beautification and litter control.

The SFC amendment for public education fully funds universal school meals for public schools on a recurring basis, adds $10 million for state equalization guarantee (SEG) reforms, such as structured literacy professional development and career and technical education, while also spending over $50 million in evidence-based and promising initiatives, including literacy interventions, evidence-based reading instruction, out-of-school time programming, summer enrichment, educator fellows, and high-dosage tutoring.

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

 

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