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standing finance committees of the NM Legislature. The LFC does not assume
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in
|
SPONSOR |
Varela |
DATE TYPED |
|
HB |
263 |
||
|
SHORT
TITLE |
Economic Development Partnership |
SB |
|
||||
|
|
ANALYST |
Collard |
|||||
APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
|
FY04 |
FY05 |
FY04 |
FY05 |
||
|
|
$1,750.0 |
|
|
Recurring |
General
Fund |
(Parenthesis
( ) Indicate Expenditure Decreases)
Relates to SB 42
LFC Files
Responses
Received From
Economic
Development Department
SUMMARY
Synopsis of Bill
House Bill 263
appropriates $1.75 million from the general fund to the Economic Development
Department (EDD) for the purpose of administering and operating the second year
of the Economic Development Partnership, which attracts new businesses to
relocate to the state through recruitment and marketing efforts.
FISCAL IMPLICATIONS
The appropriation of $1.75
million 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.
RELATIONSHIP
House Bill 263 is
related to Senate Bill 42, which appropriates $2 million for the same purpose.
OTHER SUBSTANTIVE ISSUES
It should be noted the
Economic Development Corporation board of directors have the following
performance measures in place for the corporation for FY04:
·
Number of business leads: 500,
·
Number of qualified prospects: 200, and
·
Number of jobs created: 700; 280 of which are in rural areas of the
state.
KBC/dm:njw