The New Mexico Senate endorsed a budget plan emphasizing investment in savings, education, and conservation initiatives, fueled by a boom in oil and gas production.

Under the new budget bill, New Mexico aims to allocate over $1 billion for tuition-free college and to sustain government spending in the event of a downturn in oil production. The bill, which increases the annual general fund spending by 6.8% to $10.2 billion, includes significant allocations to new endowments and trusts for scholarships, housing, outdoor conservation, and Native American education programs. With a forecasted $3.5 billion budget surplus, the plan also establishes a $959 million trust for tuition-free college, a $512 million government results trust, and additional funds for conservation and infrastructure projects.