[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.

 

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

 

 

 

SPONSOR:

Sharer

 

DATE TYPED:

01/29/02

 

HB

 

 

SHORT TITLE:

Market NM for Economic Development

 

SB

230

 

 

ANALYST:

Woodlee

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

               $1,000.0

 

 

Recurring

General Fund

 

$900.0

 

 

Recurring

General Fund

 

Duplicates HB 39 and SB 214

 

Relates to an appropriation in the General Appropriations Act

 

SOURCES OF INFORMATION

 

Economic Development Department

 

SUMMARY

 

     Synopsis of Bill

 

Senate Bill 230 appropriates $1,000.0 from the general fund to the Economic Development Department to support the cooperative advertising program.  SB 230 also appropriates $900.0 to the Economic Development Department for general marketing.  In addition, the bill amends current statute to allow travel and other expenses related to attracting new business investment into New Mexico communities to be covered by the matching funds provided by the cooperative advertising program.

 

     Significant Issues

 

The cooperative advertising program is currently funded at $150.0.  This program matches expenditures of communities for advertising directed toward increasing business development within New Mexico communities.  Additionally, the current policies of the cooperative advertising program do not allow such expenses as travel to be covered by the matching funds. 

 

 

The general marketing program of the Economic Development Department is currently funded at $450.0.  This bill would double the amount of funds for economic development marketing, and, according to the agency, would increase communities’ ability to partner with the department at trades shows and maximize marketing funds.

 

FISCAL IMPLICATIONS

 

The appropriation of $1,900.0 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.

 

DUPLICATION/RELATIONSHIP

 

Senate Bill 230 duplicates House Bill 39 and Senate Bill 214.

 

The bill relates to appropriations contained in the General Appropriations Act, where $150.0 for cooperative advertising is found in the Economic Development Department operating budget.

 

MW/ar

 

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