Richardson proposes 11 percent budget increase

Gov. Bill Richardson, like the Legislative Finance Committee, is proposing a $5.7 billion state budget, but the two have some significant differences.

Richardson’s budget has an 11 percent increase in spending and $125 million in tax cuts. The LFC is also proposing the 11 percent increase, but wants $75 million in tax cuts.

Much of Richardson’s proposed increase, according to the Associated Press, would go to education. He wants a 9.1 percent increase in spending for the Public Education Department that includes 7.4-percent pay raises for public school teachers and 5 percent for other employees.

The governor also wants to increase funding for the state’s pre-kindergarten program by $10 million. The LFC wants to increase its funding by $2 million.

The LFC has proposed raises of 4.25 percent, plus a 0.75-percent increase in contributions to the education retirement fund, for teachers and other public school employees. That increase in the retirement fund contributions would be double what the governor is proposing, the Associated Press reported, and is designed to help shore up the system.

The Legislature convenes Tuesday for a 60-day session.

You can read the governor’s budget online by clicking here.