2020 EXECUTIVE BUDGET
EXECUTIVE BUDGET RECOMMENDATION HIGHLIGHTS
The Fiscal Year 2021 (FY21) executive budget recommendation underscores Governor Michelle Lujan Grisham’s commitment to the next step in growth for the state of New Mexico, centering fiscal responsibility while making bold investments in education, economic development, public safety, and the care and wellbeing of New Mexicans.
GENERAL FUND EXPENDITURES AND RESERVES
The Executive Recommendation includes an overall General Fund recurring budget of $7.68 billion, a 8.4 percent increase, with a 25 percent General Fund reserve target.
EXPANDING THE MOONSHOT
New Mexico’s children continue to be the No. 1 priority in the Executive Budget Recommendation for the upcoming fiscal year. The Governor’s FY21 Recommendation expands the moonshot by making record investments in early childhood education, continuing significant investments in K-12, and increased funding in higher education, including the Opportunity Scholarship, which will provide tuition- and fee-free higher education at 4-year and 2-year schools for tens of thousands of New Mexico residents.
Early Childhood Education and Care ($74 million General Fund increase)
A child’s early years of life are formative and build a foundation for his or her future health, development and achievement. That is why a fully functioning Early Childhood Education and Care Department is essential in order to provide a seamless continuum of care for prenatal to age five and continue on the path to make universal access to high-quality pre-kindergarten (pre-k) a reality for every New Mexico family. High quality pre-k and child care can make a measurable difference in a child’s cognitive, language and literacy, and social and emotional development while supporting positive educational and health outcomes. By providing children high-quality experiences during the most critical and rapid stages of brain development, we can give children the start they need to succeed through school, work and life, which will improve the long-term health, social and economic well-being of our state.
The Executive Budget Recommendation allows the new state agency to increase access to high-quality early childhood education and care programs as well as to address the social, emotional, cognitive and physical development of children through better coordination and expansion of programs including pre-k for three- and four-year-old children, home visiting, child care assistance and family nutrition. Additionally, existing programs will continue to be supported through the new agency such as Family, Infant, Toddler (FIT); early intervention services for children with developmental delays and disabilities; and Families FIRST, case management services to Medicaid-eligible pregnant women and their children ages three and under.
The Executive Budget Recommendation funds an increase of $74 million in General Fund to expand and improve on all of these critical services. Major components of the Executive Budget Recommendation include: expanding child care assistance by changing eligibility from 150 percent to 200 percent of the federal poverty level upon entrance and from 200 percent to 250 percent upon exit to serve an additional 4,163 children ($26 million); providing wage supplements for over 3,000 child care providers statewide ($15.6 million); expanding private pre-k slots for three-year old children and three and four-year old children in mixed classrooms ($8.4 million); expanding public pre-k slots for four-year olds and conversion of part-day children to full day ($11.5 million) (637 new slots and 1,751 children part to full day); expanding home visiting services for over 1,000 families ($3 million); expanding FIT program services to approximately 800 children ($3.5 million); and continuing to implement provider rate increases based on the 2017 rate study ($2.4 million).
Early Childhood Trust Fund ($320 million one-time appropriation)
This year, for the first time in New Mexico’s history, the state will deliver a permanent investment in our youngest children. We will finally put our great wealth to work at perhaps its most meaningful purpose: comprehensively changing the dynamic of early childhood education in this state, forever.
The $320 million Early Childhood Trust Fund is a promise: it’s a promise to parents and grandparents and the next generation of families of this state, a tangible extension of our faith in their future, of our recognition that everything we want to achieve in this state starts with our youngest children, right now-it starts with launching a permanent positive and self-fulfilling cycle of investment and opportunity in our families and young children this year.
The $320 million non-recurring appropriation to create the new Early Childhood Trust Fund, which will provide a dedicated revenue stream to fund early childhood programs into the future, will be built up over the coming years using certain oil and gas revenues that come in above the 5-year average.
K-12 PUBLIC SCHOOLS
The Executive Budget Recommendation expands on the education moonshot by increasing the Public Schools budget by $200.3 million (total increase adjusts for the transfer of pre-kindergarten to the Early Childhood Education and Care Department) for a total General Fund recurring budget of approximately $3.4 billion in addition to a total of $42 million in one-time General Fund investments.
Thriving educator ecosystem ($102.7 million General Fund increase)
The Executive Budget Recommendation continues the effort to build a vibrant educator ecosystem by supporting teachers, principals and education personnel through a second consecutive year of pay increases—a 4 percent increase for all teachers and education personnel, totaling $92.7 million. The Executive Budget Recommendation also includes funding for educator professional development. Specifically, a $17 million increase in supporting professional development and mentoring for teachers early on in their careers; educational leadership development and support; and educator recruitment, retention and evaluation.
Whole-child education and bilingual/multicultural framework ($12 million General Fund increase)
We have both a moral and legal obligation to ensure that every student in New Mexico receives the support they need to thrive, especially those that have been underserved for far too long. To this end, we must continue this Administration’s efforts to support low-income, Native American and Hispanic students, English language learners and students with disabilities. This requires the Public Education Department to provide a multicultural and multilingual educational framework for schools. This year’s Executive Budget Recommendation also funds an additional $12 million to support educator and administrator development in the areas outlined in the Bilingual Multicultural Education Act and the Hispanic Education Act, in addition to funding innovative strategies and support for indigenous students, as well as early literacy development and support. These strategies will empower educators to implement the culturally and linguistically responsive educational framework our students deserve.
Closing the opportunity gap ($65 million General Fund increase)
The Executive Budget Recommendation maintains funding in the amount of $182 million for the K-5 Plus program and the Extended Learning Time program. These programs allow schools to extend their school year by 10 and 25 days. In order to maximize these funds, the Executive Budget Recommendation requests that the funding for these programs be combined into a single source so that shortfalls in one program can be applied to overages in the other program. As a result of enhanced marketing and additional time for districts to prepare to implement the programs, initial projections show an almost tripling of K-5 Plus participation and a more than doubling of Extended Learning Time participation over current levels.
Thousands of additional teachers participating in the program will see tens of millions in a cumulative increase in salary. The K-5 Plus program is an evidence-based program targeted at schools with a high number of at-risk students.
The Executive Budget Recommendation also includes a $53 million increase to the at-risk index from 0.25 to 0.3 in the State Equalization Guarantee funding formula. This increase builds on the $113.2 million in FY20 when the Lujan Grisham Administration almost doubled the at-risk index in the funding formula from 0.13 to 0.25. This investment will better serve low-income students, minority students, English language learners, and students with disabilities. This funding could be used, among other areas, for items such as social workers, after school programs and counseling services. Tracking and reporting on these school district expenditures will be addressed by the Public Education Department through various strategies including enhanced coding, through refinements of the universal chart of accounts, and technical assistance in identifying and implementing targeted, research-based and evidence-based social, emotional or academic interventions, among other strategies.
A community school works closely with students, their families and the community at large, including tribal partners, non-profit community-based organizations, and local businesses, to provide educational opportunities and supports for student and family success. The Executive Budget Recommendation includes $12 million to provide support and implement a community school framework in schools across New Mexico in addition to dropout prevention programs; the GRADS program, which provides support for parenting teens; and programs to end childhood hunger.
Building pathways for student success ($12 million General Fund increase)
The Executive Budget Recommendation provides funding to support competency-based science, technology, engineering, arts and mathematics (STEAM) standards in classrooms across New Mexico. Additionally, funds will be targeted for a build-up in career technical and vocational education and apprenticeships programs. This funding will provide schools the opportunity to teach and prepare students for high-wage, high-skill and high-demand careers in the state. The Executive Budget Recommendation also provides funding for targeted programming including after-school and summer enrichment programs; attendance success initiatives; and college preparation, career readiness and dropout prevention.
Developing cohesive, navigable pathways for students and their families is critical for a child’s success in school and his or her transition to college, career and life. A high school diploma signals that a student is ready to embark on college or a career. Therefore, it is essential for students to have access to college and career guidance and coursework that supports their future goals.
New Mexico Opportunity Scholarship ($35 million General Fund increase)
An educated workforce is essential to the economic growth New Mexico desires – yet the state lags behind our neighbors in the percentage of our workforce who are college graduates. For many New Mexicans, cost considerations keep college out of reach. Governor Michelle Lujan Grisham is removing this barrier by making college essentially free to eligible New Mexico residents. The New Mexico Opportunity Scholarship would contribute toward expenses for tuition and fees at any of the state’s 29 public institutions of higher education, providing up to four years of college for recent high school graduates and two years of college for returning adults. The Executive Budget Recommendation includes $35 million to the Higher Education Department to fully fund this new scholarship, which is expected to benefit 55,000 New Mexico students, those seeking degrees as well as those earning credit-bearing undergraduate certificates for programs that are completed in under two years. This investment in our New Mexico students and in our higher education ecosystem will yield significant economic benefits, including better employment opportunities, higher overall incomes for New Mexicans and a stronger workforce for New Mexico’s economy.
Additional key higher education funding
The Executive Budget Recommendation includes $839.9 million for Higher Education Institutions. The increase – in addition to funding for the Opportunity Scholarship and for across-the-board personnel compensation increases-includes $5.6 million in formula funding for Instruction and General and $5.8 million for additional research and public service projects, which will total $141.1 million – as well as a $1.2 million increase for the Instruction and General line item for special schools. Research and Public Service Projects include, among other items, $1 million for the four flagship Centers of Excellence (Bioscience, Sustainable Agriculture, Cybersecurity, and Renewable Energy); a $2 million increase for the University of New Mexico Cancer Center to assist with their National Cancer Institute re-accreditation (in addition to nonrecurring amounts for this purpose); a $1.4 million increase for nursing programs within various institutions; a $700,000 increase for early childhood and teacher education programs within various institutions; a $100,000 increase for the New Mexico State University Dona Ana Branch Dental Hygiene Program; and a $375,000 increase for mental health programs.
GROWING OUR ECONOMY
Over the last 12 months, New Mexico’s economy has been one of the strongest in the country. In November, it was announced that New Mexico has the 3rd highest GDP growth in the country; since Governor Lujan Grisham took office, New Mexico ranks in the top 10 for private-sector job growth nationally and has had the best year for job growth in the state since 2006.
Last year’s budget made critical investments in projects qualifying under the Local Economic Development Act (LEDA), Jobs Training Incentive Program (JTIP) and Main Street programs that have contributed to this growth, as well as our investments in our booming tourism industry. The Administration made key investments to pay off the previous Administration’s film backlog, and passed historic legislation that expanded our film industry into rural areas. The Governor’s FY21 Executive Budget Recommendation builds on these successes by continuing to diversify our economy, including an infrastructure fund to support job creation in rural New Mexico.
Creating jobs, building wealth and supporting rural New Mexico
To meet the goals of improved economic opportunities for all New Mexicans, higher incomes and wealth creation, diversifying the New Mexico economy and helping rural communities, the Executive Budget Recommendation contains funding to continue the successful investments made using the LEDA program ($40 million, $10 million of which will be used for rural infrastructure projects). The LEDA program has successfully encouraged businesses to come to New Mexico to stimulate economic growth in the state and leveraged $2.3 billion in private investments over the last six years. The FY20 goal is to create 2,500 jobs, and the addition of the rural fund will allow greater flexibility and opportunity for projects located in non-metro communities.
The Executive Budget Recommendation also includes an additional $9 million for New Mexico’s JTIP included in both the base budget and as a special appropriation. Demand for this program has been increasing, and the program is on track to train 2,050 workers this year.
In order to build on the state’s core strengths and diversify the economy, the Economic Development Department continues to focus their efforts on nine target industry sectors that have incredible opportunities to thrive here and which tend to provide higher incomes and benefits for employees. These include film and television, intelligent manufacturing, sustainable and green energy, cybersecurity, aerospace, sustainable and value-added agriculture, bioscience, global trade, and tourism in relation to our outdoor economy.
Outdoor Recreation Division
The outdoor recreation industry is a $900 million industry in New Mexico. The Governor supported the creation of this new division within the Economic Development Department last year to grow the industry in New Mexico and support the infrastructure needed to increase employment and opportunity. The Executive Budget Recommendation includes funding for two new FTE and marketing and advertising funds ($989 thousand).
Spaceport America is the ideal location in the country to grow an aerospace industry because of its agreeable weather, proximity to the nation’s leading laboratories in the space development sector, and the fact that it resides under unique restricted airspace. This year’s Executive Budget Recommendation is critical to support New Mexico’s current space industry partners and to capture new space companies. The budget includes eight additional FTE that are required for ongoing operations and to capture the numerous new space launch operators and satellite companies that are currently making site selection decisions. This year’s operating budget and capital outlay Recommendations are the best way to protect New Mexico’s investment, which will be essential for Spaceport America’s ability to maintain its competitive edge over the increasing number of states that are developing space infrastructure.
New Mexico Film Office
In 2019, more than 90 productions did business in New Mexico, resulting in almost $600 million in direct spending in the state. To assist with the increased productions in New Mexico – with more on the way given the significant and long-term investments of new production companies like NBCUniversal – the Executive Budget Recommendation includes funding for two new FTE in the Film Office to handle increased film credit activity and data tracking and funding, among other services, for New Mexico’s film program.
Building New Mexico True campaign and attracting visitors to New Mexico
The Executive Budget Recommendation builds on New Mexico’s success in tourism and brand awareness, which generates billions of dollars of visitor spending in the State and supports a burgeoning leisure and hospitality industry, which has grown over 19 percent since 2009. After increasing funding for tourism marketing last year by $3 million, the Executive Budget Recommendation includes another $3 million increase, which will enable the Tourism Department to saturate our current seven fly markets, with a particular focus on the San Francisco market. The Executive Budget Recommendation also funds an increase of $1.4 million for the Cooperative Marketing Program, which has a 1:1 matching fund component with local governments and nonprofits and had over twice as much demand as funding available in FY20. Lastly, $600 thousand will be added to grow and enhance the brand extension program Certified New Mexico True by allowing for technical assistance and production support to state agencies and other partners. Nearly 300 products are now New Mexico True certified.
REBUILDING NEW MEXICO’S INFRASTRUCTURE
If our aim is to truly grow our state, we must invest in the infrastructure of our communities. Governor Lujan Grisham’s goal to make New Mexico more competitive is furthered by ensuring that roads and highways remain a priority – something the governor demonstrated with the delivery of sizable infrastructure spending last year. Good roads are vital to economic development; they link producers to markets, workers to jobs, students to schools and the sick to hospitals. Roads and transportation systems are expensive. The average cost for new paving construction in New Mexico is $2 million per mile. Governor Lujan Grisham is recommending $200 million in General Fund for roads, bridges and rail projects throughout the state. Last year, the Legislature and the Governor appropriated over $450 million in General Fund for state and local road projects. This year’s Executive Budget Recommendation, in addition to what was appropriated last year, will make significant headway in improving the roads in our state.
Governor Lujan Grisham’s priorities for capital outlay funding remain the delivery of jobs, public safety and interconnectedness to communities all across the state. In the interest of bolstered oversight, the Governor has tasked state agencies to look at ways to improve coordination to ensure that capital funds are spent and that project capacity at the local level is supported and broadened.
The Governor is committed to putting tax dollars to work and ensuring projects begin faster and are completed faster without diminishing the integrity of the projects. Capital needs and deferred maintenance on public buildings across the state totaled $2.7 billion in FY21. This includes requests for local governments totaling $1.6 billion; state agencies totaling $752 million; higher education institutions, special and tribal schools totaling $339 million; and senior citizen facilities totaling $39 million. Funding for capital this year includes Severance Tax Bonds (STB) and General Obligation Bonds (GOB). Capacity for STBs is $362.3 million and the GOB capacity total is $198.9 million. To be sure, infrastructure needs continue to outweigh what is available for capital projects, but the Administration is committed to investing for tomorrow while improving delivery of what is needed today as expeditiously as possible.
This year, state agency projects include long-overdue investments in the Department of Public Safety’s radio communications among other deficient areas. Department of Health facility projects include funding to address patient health and safety, which affect licensure and accreditation. Funding for Children, Youth and Families facilities include upgrades to a facility to provide a safe place for human trafficking victims. PostSecondary institutions’ critical capital outlay needs throughout the state will also be addressed.
CARING FOR NEW MEXICANS
Caring for New Mexico’s most vulnerable populations continues to be a centerpiece priority of the Administration. Major investments in mental health and substance abuse; improving and ensuring access to quality health care; and protecting children, the elderly and the disabled take a front-and-center position in the Executive Budget Recommendation.
Behavioral Health Initiative ($28.7 million General Fund increase)
Building on the investments made in the FY20 budget, the Executive Budget Recommendation funds the multiagency Behavioral Health Initiative (BHI). BHI has four primary goals: building a new behavioral health provider network; developing community-based mental health services for kids and families; effectively addressing substance-use disorder; and effectively addressing the behavioral health needs of justice-involved individuals.
In order to address the behavioral health provider shortages and provide appropriate incentives to behavioral health providers so they can expand coverage across the state, the Executive Budget Recommendation includes funding to implement Medicaid behavioral health provider rate increases; supportive housing programs; and physician training assistance, as well as financial aid.
The Children, Youth and Families Department will, under the Recommendation, fund 10 new teams statewide to provide evidence-based and community treatment in order to address the severe deficit of community-based mental health services. The Executive Budget Recommendation also includes funding for transitional living programs for juvenile offenders that provide life skills and support in order to facilitate healthy transitions to adulthood.
The initiative will build on expanding capacity for detox and social rehabilitation programs to increase Medication Assisted Treatment services, establish a new Alcohol Prevention Office at the Department of Health and expand youth support services, among other programs, all with an emphasis on counties shown to have the greatest need.
The Executive Budget Recommendation also provides the Human Services Department with funding to address the behavioral health needs of those in and cycling in and out of the state’s correctional system. The Agency will undertake, among other strategies, new Law Enforcement Assisted Diversion efforts and postrelease peer support programs, the latter in coordination with the Corrections Department.
Developmentally disabled and other health services
The Executive Budget Recommendation also includes $318 million for the Department of Health (DOH), an almost 8 percent increase. The increase in funding will help the agency serve an additional 300 New Mexicans on the Developmentally Disabled (DD) waiver waiting list and develop a new supports waiver service, supporting 2,000 New Mexicans, among other key initiatives.
The Executive Budget Recommendation includes funding in the DOH budget for several critical areas of need, among them initiatives to reduce the transmission of infectious diseases, improve safety net services for the elderly and veterans, bolster development of New Mexico’s statewide trauma system and strengthen investigations into and oversight of boarding homes, crisis triage centers and assisted-living facilities.
Reducing drug costs
New Mexicans pay about twice as much for brand name drugs as Canadians. Under the Executive Budget Recommendation, the Department of Health will create a new Office of Wholesale Drug Importation. This division, funded in the Governor’s Recommendation at $350,000, will develop, plan, apply for and negotiate with the federal government for approval of a Canadian wholesale drug importation plan that will ensure drug safety and significantly reduce costs to New Mexicans across the state.
Human Services Department ($75.2 million General Fund Increase)
Ensuring New Mexicans have affordable access to a range of health care services in their home communities is a top priority. The Executive Budget Recommendation brings the Human Services Department’s (HSD) total General Fund budget to $1.22 billion. The Medicaid budget is increased by $55.8 million – for a total Medicaid General Fund budget of $1.1 billion – and the new funding will support Medicaid enrollment growth projections in Centennial Care stemming from targeted outreach and enrollment for New Mexicans who are Medicaid-eligible but not yet enrolled. The Department projects total enrollment of 850,000. Ensuring Medicaid is properly managed allows the Administration and State the flexibility to address the private health care market and responsibly oversee state investments in health care, which benefits New Mexicans while infusing billions of dollars into the state’s economy. Since the 2014 Medicaid expansion, more than 10,000 jobs have been created in New Mexico’s health care industry.
Additional funding for HSD supports the New Mexico Works employment and training program increase ($3.7 million) and funding for the SNAP Heat and Eat Hunger initiative, among other efforts to assist New Mexicans receiving nutrition services in light of the federal government’s efforts to restrict access to those essential lifelines.
Protecting our children and youth ($19.4 million General Fund increase)
The Executive Budget Recommendation includes a total increase of $22 million and a General Fund increase of $19.4 million for the Children, Youth and Families Department (CYFD). This includes funding for 62 new positions throughout the agency, including the protective services division and within the behavioral health services program. This addition builds on last year’s funding for new positions and brings the protective services division up to 863 funded positions. The Executive Budget Recommendation also includes funding for rate increases for guardians, at-risk child care, the child advocacy center, safe and stable family contracts and kinship services ($8.1 million). The Recommendation additionally includes funding for increased rates for the subsidy paid for kinship care providers, the backbone of our child welfare and foster family care. And as CYFD emphasizes prevention supports for at-risk children and youth, the Recommendation allots significant investments in behavioral health services ($8.5 million).
The Kiki Saavedra Senior Dignity Fund ($25 million)
Representative Henry “Kiki” Saavedra lived his life as an example of leaving a place better than he entered it, and the entire state of New Mexico is better off for his work and service. In honor of Representative Saavedra, the Executive Recommendation includes $25 million in non-recurring money to create a special fund to address high-priority areas for seniors across New Mexico. Service areas to be addressed with the funding include transportation, food insecurity, physical and behavioral health services, case management and caregiver services. The major goals addressed by the funding include: increased access for seniors and adults with disabilities (including veterans) to receive specialty physical and behavioral health care most often provided in urban areas; increased access to ADA vehicles for seniors and adults with disabilities for those not able to participate in senior center events, congregate meals and local appointments due to inadequate services; and care coordination through community health workers.
PROTECTING NEW MEXICO FAMILIES
As part of a broader strategy to combat violent crime and gun violence in communities across the state, the Executive Budget Recommendation includes funding for the Department of Public Safety budget at $163.9 million, a significant piece of which will provide for a total of 60 new State Police officers, including equipment and training. Additional funding is included for ten new staff for forensic labs, including six new forensic scientists and a new data-sharing system that will address gaps in inter-agency communication, as well as $6.3 million for state police recruitment and retention initiatives.
Compensation and Benefits
The Executive Budget Recommendation includes funding to compensate state employees for their hard work and dedication in serving their neighbors, an effort that goes toward bringing salaries in line with the private sector. The Recommendation includes a salary increase of three percent for all state employees ($27.6 million) and two percent for all higher education employees, including much of the non-General Fund portion ($18 million). Compensation increases are also included for teachers and all educational personnel, as noted above. Lastly, the Recommendation accommodates the path forward on the multibillion dollar unfunded liability of the Public Employees Retirement Association, an essential effort that protects not only current and future workers all across the state but everyday New Mexicans, who would see significant negative impacts to their state-supported industries and services if the liability is not addressed with haste.
NEW MEXICO ECONOMY AND RESERVES
New Mexico economy and General Fund revenues
The New Mexico economy continues to be supported by significant growth in the oil market taking place in the southeast corner of the State. New Mexico real GDP has experienced continued positive growth since the end of 2017, peaking at 4.3 percent in the first quarter of 2019 and continuing at 3.9 percent in the second quarter of 2019. After lagging for 11 years, New Mexico employment has surpassed pre-Great Recession employment levels and unemployment reached 4.8 percent in October, the lowest since before the Great Recession. In combination with slight increases in wages, this moves New Mexico closer towards full employment. Overall New Mexico employment grew two percent from October 2018 to October 2019. Employment growth is especially strong in construction, reaching its highest level in over a decade. This growth is mostly concentrated in the southeastern quadrant of the state. Leisure and hospitality is another sector contributing to economic growth, seeing 5.1 percent growth in October. While employment in mining has leveled off in recent months, the sector saw 5.6 percent growth based on October figures. Southeastern New Mexico has continued to see oil production growth setting new record levels for rig counts, production, and oil revenues. However, rig counts have experienced some softening recently as firms focus on returning capital to investors, rather than growth and capital expenditures. The outlook for oil production is continued growth, albeit at lower levels than previously estimated. The outlook for New Mexico’s economy calls for modest growth, in line with the national economy. Employment is expected to grow 1.2 percent in FY21 and range from 0.8 percent to one percent growth in the following three fiscal years.
After continued growth in FY20, overall recurring General Fund revenues are forecasted to grow modestly in FY21 with an overall recurring growth rate of 1.4 percent. Beyond FY21, recurring revenues are expected to return to the long-term trend.
FISCAL STRENGTH AND SUSTAINABILITY
Due to the dependence on global energy markets, which can be volatile from year to year, the state must be cautious and pursue fiscal sustainability strategies. Accordingly, the Executive Budget Recommendation allocates only 75 percent of the “new money” for recurring expenditures and targets 25 percent General Fund reserves for FY21, which would be sufficient to withstand a two-year downturn in the economy or energy markets, according to the stress testing performed by the Consensus Revenue Estimating Group (CREG) made up of economists from the Department of Finance and Administration, Legislative Finance Committee, Taxation and Revenue Department and the Department of Transportation.
Additionally, the Governor will introduce legislation to create a new Early Childhood Trust Fund, as mentioned above, which will minimize the volatility to the General Fund by setting aside revenues above the five-year average of Oil and Gas Emergency School Tax and Federal Mineral Leasing to create a new, revenue-generating trust fund that will be dedicated to Early Childhood programs. And of course the Administration will continue its robust efforts to build out and diversify New Mexico’s economy to improve its resiliency and ensure the prosperity is durable.
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