State Budgets 2012: New Mexico
To see more state budget news and information, visit State Budgets 2012.
- Fiscal Year Begins: July
- Frequency of Legislative Cycle: Annual
- Legislative Session for 2012: Convened January 17, 2012
- Frequency of Budget Cycle: Annual
Learn more from the National Association of State Budget Officers
Budget News and Information: 2012
3/21/12: Many low-income New Mexicans can't find rental housing
While the situation is dire for thousands of low-income New Mexican renters, solutions are readily available. The solution to the affordable housing shortage is simple: We must increase the supply of affordable housing, particularly for those in greatest need. This needs to be a combination of constructing or rehabilitating new units and expanding the housing voucher programs that help low-income households pay for housing that would otherwise be unaffordable to them.
The State Legislature and the governor recently made at least one move in the right direction. The FY13 state budget that was recently signed by the governor includes $3 million for the N. M. Housing Trust Fund, which will be used to rehab and construct single-family homes and rental units for moderate and low-income New Mexicans.
The N.M. Housing Trust Fund not only increases the supply of affordable housing, it is also good for the economy. The New Mexico Mortgage Finance Authority estimates that the N.M. Housing Trust Fund awards to date have generated between $150 and $200 million in local income (business income and wages), between $14 and $18 million in local government revenues and between 3,500 and 4,000 jobs.
3/2/12: Governor Signs State Budget, Vetoes $2 Million
Republican Gov. Susana Martinez has signed a state budget that increases spending by 4 percent next year and provides a boost in take-home pay for educators and state workers.
The governor cut almost $2 million from the budget with line-item vetoes, including $75,000 to promote "adventure tourism" in McKinley County and $50,000 for "salary adjustments" for Northern New Mexico College faculty.
The budget allocates $5.6 billion for public education, colleges and government programs in the fiscal year starting July 1. That represents a $219 million increase over this year.
The governor signed the bill on Friday.
The budget provides nearly $50 million for higher government payments into public employee pensions next year, allowing worker contributions to drop by a similar amount, which boosts the take-home pay of workers.
Budget News and Information: Previous Budget Cycles
3/25/11: A bankrupt rationale for budget cuts
Senate, House Democratic and Republican majorities failed to raise revenues in the legislative session. Instead, they voted to cut New Mexico’s colleges and universities by $47 million. They voted to cut K-12 public schools by $35 million. They voted to cut $111 million from paychecks of education employees and public workers by increasing retirement deductions.
“We can all be confident in knowing that by continuing to do our part, we’ll get through these tough times,” wrote Sen. Campos, Democrat of Las Vegas.
Read More: www.nmpolitics.net
3/8/11: House passes final budget-related bill
The New Mexico House shifted the dollars-and-cents debate to the Senate on Monday when it passed the final piece of legislation in a package of state budget-related bills. By a vote of 42 to 28, the House passed HB 628, a revenue bill needed to help balance a proposed $5.4 billion state budget approved by the House last week. The legislation would require state workers and public school teachers to contribute more into their retirement systems - 3.25 percent more, to be exact. The savings to the state, if the measure passes, is estimated at around $100 million for the year that starts July 1. The amount the state must pay into the retirement systems would decrease by the same amount produced by the increased employee contributions.
Read more: Las Cruces Sun-News
3/8/11: NM House approves higher worker pension payments
Public employees and educators will pay more for their pension programs while government lowers its contributions under a nearly $111 million budget-balancing proposal approved by the New Mexico House on Monday. By trimming government pension costs, the measure cuts state spending to help balance the budget. Supporters say the pension changes will prevent possible worker furloughs or layoffs.
Read more: Bloomberg