By KRWG News
New Mexico – The state Board of Finance has approved a budget-cutting plan by Gov. Bill Richardson's administration that will trim spending for most program and agencies by 3 percent this year.
The board gave its approval Thursday to the cutbacks, which will be implemented starting next month.
Public schools will largely escape the reductions along with services to the developmentally disabled and Medicaid, which provides health care for the poor and uninsured children.
The spending cuts are to deal with a revenue shortfall caused by the weak economy.
Lt. Gov. Diane Denish voted against the cutbacks. Richardson did not attend Thursday's meeting.
Copyright 2010 The Associated Press.