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

Altamirano

DATE TYPED

2/7/04

HB

 

 

SHORT TITLE

Small Business Innovation Outreach Program

SB

346

 

 

ANALYST

Baca

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY04

FY05

FY04

FY05

 

$200.0

 

 

Recurring

General Fund

(Parenthesis ( ) Indicate Revenue Decreases)

 

Relates to SB 32, SB 39, SB 57 & SB 423

 

Relates to Appropriation in the General Appropriation Act

 

SOURCES OF INFORMATION

LFC Files

Commission on Higher Education Funding Recommendations for FY05 (CHE)

 

Responses Received From

New Mexico Economic Development Department (EDD)

Commission on Higher Education (CHE)

 

SUMMARY

 

Synopsis of Bill

 

Senate Bill 346 appropriates $200,000 from the General Fund to the Commission on Higher Education (CHE) in FY 05 for Santa Fe Community College (SFCC) in collaboration with Technology Ventures Corporation (TVC) for a joint Small Business Innovation Outreach Program.

 

Significant Issues

 

According to the CHE, Technology Ventures Corporation (TVC) was founded by Lockheed Martin as a non-profit organization to commercialize technologies resident in our national laboratories. TVC serves as a facilitator, helping entrepreneurs develop business cases around technologies and obtaining funding for business formations.

 

Senate Bill 346 expands these activities to and through Small Business Development Center (SBDC) at SFCC. SBDC currently works with both new and established businesses on issues involving management, financing, product development, and regulation compliance.  According to the Director of the SMBDC, among other assistance, SBIR helps small businesses with their applications for federal and other grants.  Proposals written for federal small business loans and or contracts are complex and require more expertise than the average small business owner would possess.

 

FISCAL IMPLICATIONS

 

The appropriation of $200 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of FY05 shall revert to the general fund.

 

OTHER SUBSTANTIVE ISSUES

 

This request was not in the list of priority projects submitted to the Commission on Higher Education for review. Consequently, this request was not included in the Commission’s funding recommendations for FY05.

 

In the interest of accountability, the institution receiving the appropriation in this bill shall submit a program evaluation to the Legislative Finance Committee and the Commission on Higher Education by August 2007 detailing the benefits to the State of New Mexico from having implemented this program

 

LB/yr