NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used for other purposes.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

SFC

 

DATE TYPED:

03/07/03

 

HB

 

 

SHORT TITLE:

Economic Development Professorships

 

SB

466/SFCS

 

 

ANALYST:

Williams

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

NFI (see text)

 

 

 

 

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Relates to:

HB 756

HB 567/SB 455:  Faculty Development Fund

HB 391/SB 366:  LFC Technology Enhancement Fund

HB 392/SB 370:  LFC Higher Education Program Development Enhancement Fund

HB 393/SB 369:  LFC Work Force Skills Development Fund

HB 394/SB 368:  LFC Work Force Skills Development Fund

HJM 27/SJM 25:  LFC Higher Education Performance Fund

HB 160/SB 221:  Work Force Skills Development Fund

 

SOURCES OF INFORMATION

 

LFC Files

Commission on Higher Education (CHE)

 

SUMMARY

 

            Synopsis of Bill

 

The Senate Finance Committee Substitute for Senate Bill 466 authorizes up to $3,000.0 from the faculty endowment fund to be allocated equally by the CHE for the purpose of funding three endowed chair professorships at the University of New Mexico, New Mexico State University and New Mexico Institute of Mining and Technology.  Each institution must provide non-state source matching funds of at least $500.0.  Each endowed chair must directly relate to economic development of New Mexico. 

 

FISCAL IMPLICATIONS

 

The bill does not include an appropriation, but authorizes CHE to distribute up to $3,000.0 from the faculty endowment fund.  CS/655/SFCS includes a non-recurring general fund appropriation of $3,000.0 in FY03 to CHE for endowed chairs.

           

OTHER SUBSTANTIVE ISSUES

 

CHE notes the mechanism authorized in this bill is consistent with the Blue Ribbon Task Force on Higher Education-recommended Base Plus Incentives funding approach.

 

AW/prr