On January 10, 2013, Governor Susana Martinez announced her
state budget proposal for the 2014 fiscal year.
The Governor’s budget calls for significant investments in education reform, health care for those in need, and economic development efforts to help small businesses train and hire new workers and better allow New Mexico to compete for jobs.
2014 Budget in Brief
- Size of FY14 Budget Proposal: $5.88 billion
- Increase in Recurring Spending: $232 million
- Percentage Increase of FY14 Budget Proposal Over FY13 Budget: 4.1%
- $2.546 billion total spending in FY12 budget proposal,
- $101 million in new spending in FY14 budget proposal,
- 4.2% increase over FY13 budget,
- Education is 44% of the total new spending proposed this year
- New education spending: $71 million above the line, including $33.4 million attributed to the retirement swap, and additional contributions by the State for solvency of the fund; $30 million below the line one education reform proposals
- $7 million in increased childcare funding to extend high quality childcare assistance to an additional 1,634 New Mexico children ($2 million is TANF)
- $932.8 million total spending in FY14 budget proposal,
- $27.8 million in new spending in FY14 budget proposal (includes $19 million in general fund that was previously paid for with tobacco settlement funding) including funding to move than 200 people off the Developmental Disabilities Waiver.
Amount of “New Money” Not Allocated in FY14 Budget Proposal: $51 million (Note: Governor Martinez is proposing to use much of this funding for an aggressive plan to make New Mexico competitive with other states and fuel New Mexico’s job growth.)
Proposed Non-recurring Spending: $127.5 million
Click below for the Governor's full budget plan as well as her letter to the people of New Mexico.