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Tue January 31, 2012
House Panel Puts Off Vote On $5B Budget
By KRWG News
New Mexico – SANTA FE, N.M. (KRWG) A proposed state budget has hit a last-minute snag in a House committee because of Republican objections to the handling of initiatives requested by Gov. Susana Martinez.
The Appropriations and Finance Committee postponed a vote Monday on the more than $5 billion budget plan after GOP members objected that some of the governor's proposals might not be funded if the state's revenue outlook dims.
The budget proposal tentatively calls for a spending increase of slightly more than $200 million on schools and other programs in the next fiscal year and sets aside a $14 million contingency, making money available for some of the governor's proposals only if revenue projections remain on target.
The plan leaves about $41 million available for possible tax cuts or budget increases.
Copyright 2012 The Associated Press. KRWG