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.
The most recent FIR
version (in HTML & Adobe PDF formats) is available on the Legislative
Website. The Adobe PDF version includes
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and attachments may be obtained from the LFC in Suite 101 of the State Capitol
Building North.
|
SPONSOR: |
Stewart |
DATE TYPED: |
01/24/03 |
HB |
5 |
||
|
SHORT TITLE: |
State Fair Commission Appropriation Act |
SB |
|
||||
|
|
ANALYST: |
Gonzales |
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APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
|
FY03 |
FY04 |
FY03 |
FY04 |
|
|
|
|
$13,783.8 |
|
|
Recurring |
OSF-State
Fair |
|
|
|
|
|
|
|
(Parenthesis
( ) Indicate Expenditure Decreases)
Duplicates
Appropriation in the General Appropriation Act of 2003, HB7 (as introduced).
SOURCES OF INFORMATION
New
Mexico State Fair
SUMMARY
Synopsis
of Bill
House Bill 5
appropriates $13,783.8 from other state funds (self-generated revenues) to the
New Mexico State Fair for the purpose of funding agency operations for
FY04. This bill established the FY04 LFC
recommendation for the Fair. The Fair’s
operating budget is established through revenues from admission fees, parking
fees, concessions, horse racing, carnival, facilities rentals, merchandise
sales, gaming and other events.
Significant
Issues
This bill allows transfers between all four
categories. While FY03 budget adjustment
authority language does not allow most agencies to transfer into or out of the
contractual services category, the Fair may request transfers from any other
category to 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 $13,783.8 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 FY04 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 Act, HB7, as originally introduced.