House Panel Ready To Act On $5B Budget

Santa Fe, New Mexico – SANTA FE, N.M. (KRWG) New Mexico's state budget moves to the top of the agenda in the Legislature this week as a House panel prepares to wrap up work on a more than $5 billion plan for financing public education and general government programs.

The House Appropriations and Finance Committee is expected to vote Monday on a budget plan it's been assembling. The full House likely will consider the measure later in the week.

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. The plan leaves about $41 million available for possible tax cuts and sets aside a $14 million contingency, making the money available for several programs if state revenue projections remain on target.

Copyright 2012 The Associated Press. KRWG