Gov. Martinez signs bill giving New Mexico teachers a pay raise

New Mexico Gov. Susana Martinez has signed a $6.3 billion general fund spending bill for the coming fiscal year that boosts funding for law enforcement and public education.

The governor’s office said state revenue is surging as a result of a sustained rebound in oil prices and major investments by oil and gas exploration in the southeast of the state.

Martinez Wednesday signed Senate Bill 119 into law. The legislation increases the minimum starting salary for teachers from $34,000 to $36,000 a year. Second and third-tier teachers will also get a boost in pay with second-tier teachers moving from $42,000 to $44,000 a year and third-tier teachers going from $52,000 to $54,000 a year.

More than $16 million teacher pay raises is included in the $6.3 billion budget bill awaiting the governor’s signature. Spending on teacher salaries across the state will increase by $63 million during the fiscal year that starts July 1.

As she prepares to leave office, Martinez says she will leave state government with strong cash reserves of more than $600 million as a buffer against any economic downturn.