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.

 

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

 

 

 

SPONSOR:

Hamilton

 

DATE TYPED:

02/24/03

 

HB

618

 

SHORT TITLE:

NM Economic Development Course & Scholarship

 

SB

 

 

 

ANALYST:

Padilla

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

$20.0

 

 

Recurring

General Fund

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Relates to HB 576

 

SOURCES OF INFORMATION

 

LFC Files

 

Responses Received From

Economic Development Department

Commission on Higher Education

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 618 appropriates $20.0 from the general fund to the Economic Development Department for the purpose of training New Mexico economic developers through an economic development course.  The appropriation can also be used for a scholarship program to allow economic developers to attend the course.

 

     Significant Issues

 

The economic development course mentioned in this bill is an annual one-week training event coordinated by SIGRED, the Silver City-Grant County Economic Development Corporation.  Western New Mexico University (WNMU) hosts the course.  According to WNMU, the economic development course it offers is accredited by the International Economic Development Council and is offered to students from throughout the state.  The 3-credit hour course may be taken for either graduate or undergraduate credit and often serves as a first step in obtaining national certification in economic development. 

 

FISCAL IMPLICATIONS

 

The appropriation of $20.0 contained in this bill is a recurring expense to the general fund.  Any unexpended or unencumbered balance remaining at the end of fiscal year 2004 shall revert to the general fund.

 

ADMINISTRATIVE IMPLICATIONS

 

EDD reports that it could administer this appropriation with only minimal administrative implications.  Presumably, EDD would contract with either SIGRED or WNMU to offer the economic development course.  It is unclear, however, how EDD would fund scholarships with this appropriation.

 

RELATIONSHIP

 

This bill relates to HB 576, which appropriates $20.0 from the general fund to Western New Mexico University to provide funding for scholarship opportunities for an economic development course to be taught at WNMU. 

 

LP/njw