Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes.

 

Current FIRs (in HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us).  Adobe PDF versions include all attachments, whereas HTML versions may not.  Previously issued FIRs and attachments may also be obtained from the LFC 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

Larranaga

DATE TYPED

1/27/04

HB

173

 

SHORT TITLE

Southeast Albuquerque Business Development

SB

 

 

 

ANALYST

Gilbert

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY04

FY05

FY04

FY05

 

$200.0

 

 

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

 

LFC Files

 

Responses Received From

Economic Development Department (EDD)

 

SUMMARY

 

Synopsis of Bill

 

House Bill 173 appropriates $200 thousand from the general fund to the Economic Development Department (EDD) to support and expand business incubation services in southeast Albuquerque, including program development, operating costs, outreach to diverse clientele, development of evaluation tools, and methods to ensure accountability for business incubators.

 

Significant Issues

 

According to EDD, the funds will be used to contract for program development and work to assist existing companies in expanding their businesses. The contractor will also oversee and coordinate operations of the business incubator.

 

EDD received an appropriation of $200 thousand in fiscal year 2004 for business incubation services in southeast Albuquerque. The department is presently entering into a joint powers agreement with Bernalillo County to issue a request for proposals to contract for related services. To date, there have been no expenditures of this appropriation.

 

 

FISCAL IMPLICATIONS

 

The appropriation of $200.0 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of fiscal year 2005 shall revert to the general fund.

 

ADMINISTRATIVE IMPLICATIONS

 

The EDD will provide fiscal oversight for the $200.0 appropriation in this bill and existing staff resources are sufficient to support the program.

 

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