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SANTA FE, N.M. (AP) — Gov. Susana Martinez is proposing a 3 percent reduction in spending to balance the state's budget next year.
In releasing her budget proposals on Monday, Martinez recommended spending about $5.4 billion to finance public schools, higher education and general government operations in the fiscal year that starts next July.
The governor's budget does not require a tax increase to balance the budget. However, Martinez proposes requiring governmental workers, except for teachers, to increase their pension payments by 2 percent while the state reduces its contributions by a similar amount. That will save about $39 million next year.
The Legislative Finance Committee has recommended a 1.75 percent pension shift but it would apply to all educators and government workers.