Updated: 04/05/2013 5:39 PM |
Created: 04/05/2013 12:50 PM
By: KOB.com staff
Governor Susana Martinez signed a $5.89 billion budget proposal Friday that increases state spending by 4.2 percent, or roughly $235 million.
According to a news release from the Governor's office, the budget increases funding for public education by nearly $112.1 million and provides a $29.5 million increase in Medicaid.
As "As I said when the Senate passed it, this budget is not perfect, in that it shortchanges the New Mexico Reads to Lead program, support for our most effective teachers, and several economic development tools,” said Governor Martinez in the release. "But the fundamentals of this budget are strong. It restrains state spending to a responsible level and ensures that we have strong reserves during uncertain economic times. And with the enactment of our bipartisan jobs package, New Mexico is poised to better compete for jobs and economic development.”
Direct education reform funding includes $11.5 million for the State’s early reading initiative, $4 million for direct assistance to schools that receive a grade of D or F under the state’s A-F grading system, and $1.5 million for a new program to recruit more science and math teachers in underserved areas of New Mexico.
Pre-K and K-3 Plus funding will also each increase by $4.9 million. Under this budget, FY14 reserves are projected to remain above 11 percent of the state budget.
Governor Martinez issued line-item vetoes totaling $1.7 million in recurring appropriations and $20.9 million in non-recurring funds when signing the budget, the news release said.