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| SPONSOR: | Maes | DATE TYPED: | 02/19/01 | HB | |||
| SHORT TITLE: | Encourage Northern New Mexico Business Development | SB | 218/aSCORC | ||||
| ANALYST: | Woodlee | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
| $ 300.0 | Recurring | General Fund | |||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Economic Development Department
Santa Fe Business Incubator
LFC Files
SUMMARY
Synopsis of SCORC Amendment
The Senate Corporations & Transportation Committee amendment to Senate Bill 218 changes the appropriation to be effective for fiscal years 2002 through 2005. Any unencumbered or
unexpended balance remaining at the end of fiscal year 2005 shall revert to the general fund.
Synopsis of Original Bill
Senate Bill 218 appropriates $300.0 from the general fund to the Economic Development Department for fiscal year 2002 for the purpose of contracting for support and expansion of business incubation services in Northern New Mexico.
Significant Issues
The services performed and uses of the appropriated funds include program development, operating costs, outreach to diverse clientele, development of evaluation tools and methods to ensure accountability for business incubators statewide.
The Santa Fe Business Incubator, unlike other business incubators across the state, has been a very successful and award winning program. The appropriated funds would allow the EDD to contract with the Santa Fe Business Incubator to support its Phase II expansion of services and programs. In addition, the funds may be utilized to measure the impact and effectiveness of incubator projects in order to apply a working model statewide.
FISCAL IMPLICATIONS
The bill appropriates $300.0 to the Economic Development Department to be expended in fiscal year 2002. Any unencumbered or unexpended balance remaining at the end of fiscal year 2002 shall revert to the general fund.
MW/ar