[1] NOTE:  As provided in LFC policy, this report is intended 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 in any other situation.

 

Only the most recent FIR version, excluding attachments, is available on the Intranet.  Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.

 

 

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

 

 

 

SPONSOR:

Stewart

 

DATE TYPED:

01/22/02

 

HB

5

 

SHORT TITLE:

State Fair Commission Appropriations Act

 

SB

 

 

 

ANALYST:

Gonzales

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

$13,763.9

 

 

Recurring

OSF – State Fair

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Duplicates Appropriation in The General Appropriation Acts of 2002, as introduced: HB2 and SB1.

 

 

SOURCES OF INFORMATION

 

LFC Files

New Mexico State Fair

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 5 appropriates $13,763.9 from other state funds (self-generated revenues) to the New Mexico State Fair for the purpose of funding agency operations for FY03.  This bill establishes the FY03 LFC recommendation for the Fair.  The Fair’s operating budget is established through revenues from admission fees (including parking), concessions, horse racing, carnival, facilities rentals, merchandise sales, gaming and other events.

 

     Significant Issues

 

This bill allows transfers between all four categories; however, FY02 budget adjustment authority language does not allow agencies to transfer into or out of the contractual services category.  This transfer language for the State Fair is critical due to the needs and business operations of the Fair.  Additionally, this bill allows the Fair to increase its budget from other state funds without limiting the amount of increase.  Currently, agencies can only increase their budgets by 4 percent over the appropriation without additional budget increase authority.

 

 

FISCAL IMPLICATIONS

 

The appropriation of  $13,763.9 contained in this bill is a recurring expense to the New Mexico State Fair fund.  The Fair is an enterprise agency and any unexpended or unencumbered balance remaining at the end of FY03 do not revert to the general fund but require an appropriation by the Legislature each fiscal year.

 

DUPLICATION

 

This bill duplicates the appropriation set out in the General Appropriation Acts, HB2 and SB 1, as originally introduced.

 

JMG/ar

 [1]Begin typing on the * in replace mode.  Do not add or delete spaces.