Department of Finance and Administration releases FY22 Executive Budget Recommendation
SANTA FE – The New Mexico Department of Finance and Administration on Monday released the FY22 Executive Budget Recommendation from the administration of Gov. Michelle Lujan Grisham, totaling $7.3B in recurring spending with a 3.3% increase. The executive recommendation will maintain reserves at 25%, while increasing key state investments in priority areas like pandemic response, public education, early childhood services, and youth, adolescent, and young adult wellbeing.
“Amid great adversity, I recommend a fiscally responsible budget while maintaining essential funding for our public education moonshot, for innovative economic diversification and opportunity, for community public health and public safety, and much more,” said Lujan Grisham. “The pandemic and economic uncertainty may have disrupted our forward momentum in job creation, child wellbeing improvements, and various other policy emphasis areas, but we are ready to bounce back quickly and robustly. This budget recommendation is our first step to position New Mexico to prosper in a post-pandemic world.”
The Executive Budget Recommendation includes a modest, responsible increase in recurring spending for New Mexico to preserve critical investments and adding new ones, delivering meaningful change for New Mexicans despite the ongoing international health and economic crises.
Below are a few major total fund highlights – please review the Executive Budget narrative for more details and programs:
- $475M for additional pandemic relief for New Mexico.
- $893.1M in total fund money for behavioral health support across all state agencies.
- $193M for the continued rollout of early childhood education and care investments.
- $5.1M for youth, adolescent, and young adult suicide prevention.
- $151.2M to maintain K-5 Plus, Extended Learning Time (ELTP) & Career Technical Education and Community School Programs.
- $26M to continue on the promise for tuition-free education at one of New Mexico’s public colleges, including
- $4M for a pilot program for students that lost the lottery scholarship.
- $25M to restore and revitalize the tourism economy.
- $10M from the General Fund for broadband expansion across New Mexico, which should be bolstered by significant funding from capital outlay.
- $4.5M for investments in cybersecurity for state agencies and public education institutions.
- $2M for innovative grid modernization projects.
- $6M for the Secretary of State to fund local elections.
The FY22 Executive Budget Recommendation is available here.