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Fri April 8, 2011
Martinez Signs Budget Requiring Additional Employee Pension Contributions And Providing $50 Million Film Subsidy
By KRWG News
New Mexico – Gov. Susana Martinez has signed a $5.4 billion budget bill and used her line-item veto powers to trim some spending from the measure.
The governor signed the budget along with other financial measures on Friday, which is the deadline for acting on proposals that passed by the Legislature.
After the line-item vetoes, the budget provides for a cut in state spending of about 3 percent in the next fiscal year.
The governor signed a bill to limit film production tax rebates to $50 million a year, which frees up an estimated $23 million for the budget. Also signed was a measure to save $111 million by requiring state workers and educators to pay more into their pensions while government reduces its payroll contributions by a similar amount.
Copyright 2011 The Associated Press.