SANTA FE – Today, Gov. Michelle Lujan Grisham released the FY25 executive budget recommendation. The budget totals $10.5 billion in recurring spending, a 9.9% increase from the last fiscal year. The executive recommendation will maintain reserves at 34.2%. The budget directs meaningful investments in key areas including housing, education, child wellbeing, public safety, health care, economic development, and water and natural resources.  

“Because of our historic – but prudent – investments made over the last few years in New Mexico in everything from small businesses to hospitals, childcare to college, free school meals to law enforcement, the future of our state is brighter than ever,” said Gov. Lujan Grisham. “Here’s my promise to New Mexicans today: I will continue to push for programs, services and solutions that work. Here’s my promise to New Mexicans in future years and future generations: We will continue to spend within our means, responsibly and with an eye toward accountability, always, while capitalizing on the fiscal opportunities available.”   

The FY25 budget recommendation capitalizes on New Mexico’s record revenue while utilizing recurring revenue reasonably and consistently, which is in line with future projections of the Consensus Revenue Estimating Group.