On the final day for signing legislation from the 60-day session that ended March 19, Gov. Susana Martinez has signed into law a $5.4 billion budget for the upcoming year.
The budget reduces total spending by about 3 percent, or $150 million, from current levels, but doesn’t call for state employee layoffs or furloughs.
“I am proud to sign a budget that cuts government spending while preserving classroom funding and healthcare for the most vulnerable New Mexicans,” Martinez said in a statement.
According to her office, Martinez also signed into law a pair of budget-related measures that would cap the state’s film rebates at $50 million per year and make state employees and teachers pay more into their retirement plans for at least the next year.
Those measures are estimated to generate more than $130 million to help balance the budget in the coming fiscal year, which starts in July.
While Martinez signed the budget, she did use her line-item veto authority to strike out about $4.5 million in recurring and non-recurring spending, her office said. That money will be available for natural disaster aid or assistance with other emergencies.
Martinez is scheduled to hold a news conference later this afternoon to discuss the budget.
Check tomorrow’s Journal for more details.