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|
SPONSOR: |
Taylor, JG |
DATE TYPED: |
02/11/02 |
HB |
380/aHGUAC |
||
|
SHORT TITLE: |
NM State Fair General Liability Insurance |
SB |
|
||||
|
|
ANALYST: |
Carrillo |
|||||
APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or Non-Rec |
Fund Affected |
||
|
FY02 |
FY03 |
FY02 |
FY03 |
|
|
|
|
$373.0 |
|
|
Recurring |
General Fund |
(Parenthesis
( ) Indicate Expenditure Decreases)
Relates
to Appropriation in The General Appropriation Act for the General Services Department and the New Mexico State Fair
Commission
Duplicates
SB 373
REVENUE
|
Estimated Revenue |
Subsequent Years
Impact |
Recurring or Non-Rec |
Fund Affected |
|
|
FY02 |
FY03 |
|
|
|
|
|
$373.0 |
$322.0 |
Recurring |
Public Liability Reserve Fund |
(Parenthesis ( ) Indicate Revenue Decreases)
General Services Department (GSD)
New Mexico State Fair Commission
LFC Files
SUMMARY
Synopsis
of HGUAC Amendment
The House Government and Urban Affairs Committee
amendment changes the language in the bill to read “insurance premiums” other
than “general liability insurance”. The
original analysis remains valid.
Synopsis
of Original Bill
House Bill 380, NM
State Fair General Liability Insurance, appropriates $373.0 from the General
Fund to the General Services Department (GSD) for the purpose of funding
general liability insurance for the New Mexico State Fair.
Significant
Issues
According to the GSD staff the New Mexico State
Fair Commission is past due $501.1 for property, general liability and workers’
compensation coverages.
|
Fiscal
Year |
Public
Property |
General
Liability |
Workers’
Compensation |
Total |
FY 2001
|
13,710 |
188,588 |
11,587 |
213,885 |
|
FY 2002 |
48,265 |
211,823 |
27,073 |
287,161 |
|
Total |
61,975 |
400,411 |
38,660 |
501,046 |
FISCAL IMPLICATIONS
The appropriation of $373.0 contained in this
bill is a recurring expense to the General Fund. Any unexpended or unencumbered balance remaining at the end of
Fiscal Year 2003 shall revert to the General Fund.
The total of the Fiscal Year 2003 premiums for
the New Mexico State Fair Commission’s general liability ($323.0), public
property ($20.6) and workers’ compensation ($26.4) coverages is $370.0. GSD staff notes the bill’s appropriation
does not address the other insurance costs for FY 2003 nor the past due amounts
for the Fiscal Years 2001 and 2002.
The New Mexico State Fair Commission comments
the State Fair is an enterprise agency and has not received general
appropriations for its daily operations.
By receiving relief of $373.0 to pay for insurance services, the Fair
will have funds equal to that amount freed to use on other critical repairs and
revenue-generating efforts. With an
aging physical plant in continual need of repair or replacement and attempting
to generate revenues in an atmosphere of strong competition, the Fair will need
improved facilities to be able to exist at all.
DUPLICATES
Senate Bill 373, NM State Fair General Liability
Insurance.
[1]Begin typing on the * in replace mode. Do not add or delete spaces.