ALBUQUERQUE, New Mexico — Education and child welfare initiatives across New Mexico would get a funding boost under a budget proposal released Friday by a state legislative committee, but lawmakers warned that overall spending next year could be curtailed if oil prices continue to fall.

The plan from the Legislative Finance Committee would increase spending in New Mexico by more than $140 million next year, with an additional $71 million for public schools and $25 million for expanding programs that specifically target early childhood initiatives.

The budget proposal forms the foundation for the Legislature’s spending decisions when lawmakers convene for a 60-day session on Jan. 20.

Republican Gov. Susana Martinez has yet to release her administration’s spending recommendations. But she has said repeatedly that education would be a priority.

Lawmakers on Friday described their recommendations as a starting point and warned that the drop in oil prices has resulted in uncertainty about how much the state will actually have to spend in the next fiscal year, which begins in July.

A forecast released in December showed $141 million in new revenue should be available in the next budget year for spending increases. That’s half of what officials estimated in August.

A $1 change in oil prices causes a $7.5 million change in revenue for the state’s main budget account, officials said.

Sen. John Arthur Smith, a Deming Democrat and chairman of the Senate Finance Committee, said lawmakers have already asked the budget staff to prepare models that would reflect at least a 1 percent decline in revenues.

“We want to be prepared rather than sorry,” Smith said. “It’s not pleasant when our revenues are anemic to begin with. But the good thing is we think we can see our way clear this fiscal year, and we also think we’re going to be able to move ahead and fund critical initiatives.”

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