SANTA FE, N.M. (KRQE) -New Mexico lawmakers have unveiled their budget proposal for the upcoming year.

The Legislative Finance Committee recommends a $7.5 billion budget. That’s a 6.5% increase, which is just slightly lower than the governor’s proposal. What’s different in the lawmakers’ proposal is stashing away $325 million from the oil boom.

“This year’s proposal represents more modest growth compared with last year’s efforts to address court-ordered education reform and restore badly depleted programs,” said LFC Chairman Sen. John Arthur Smith in a statement. “We still have work to do to help the state recover from a financially stressful decade and reform public schools, but this year we could also look at investing in programs with proven results, expanding service levels, and improving access to healthcare.”

They will also create trust funds that would pay for early childhood education far into the future. They too, want to fund pay increases for teachers and state employees.

Lawmakers will address the budget beginning Jan. 21.