Executive and Legislative Finance Committee Budget Recommendations

Executive and Legislative Finance Committee Budget Recommendations

The Governor and the Legislative Finance Committee released their proposed budgets for 2017-2018.

 
              NMSU Impact: Side-by-side Comparison of Executive budget proposal and Legislative Finance
              Committee proposal
              Budget Capital Progression Table FY18

The Governor's budget proposal: •For the remainder of FY 2017, includes an additional 0.5% reduction from the 2016 Special Session reduction of 5% for higher education •Includes an ERB swap, but decreasing the employer contribution by 3.5% and increasing the employee contribution by 3.5% •For FY 2018, a 1% reduction to higher educations institutions, and a .5% cut to special schools

The Governor’s budget proposal
  • Remainder of FY 2017:

*  Additional 0.5% reduction from the 2016 Special Session reduction of 5% for higher education

*  Includes an ERB swap, by decreasing the employer contribution by 3.5% and increasing the employee contribution by 3.5%

FY 2018:

*  1% reduction to higher education institutions, and a .5% cut to special schools

                               *  Continues 3.5% ERB swap

                                                       Click here to for more information on the Governor’s website

 

The Legislative Finance Committee:

 * .6% reduction for higher education

* Does NOT propose modifications to the employees contribution to retirement

* 4% base redistribution and no new money for the Instruction & General (I&G) funding formula

* For Non I&G, a 6.5% reduction for most Research and Public Service Projects (RPSP’s) and

moving several projects into I&G

* Flat budget for the Agricultural Experiment Station, Cooperative Extension Service, and the New

Mexico Department of Agriculture

                                                       Click here to see the proposal on the LFC website