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
|
SPONSOR |
Taylor, TC |
DATE TYPED |
|
HB |
416 |
||
|
SHORT
TITLE |
NM Mainstreet Program |
SB |
|
||||
|
|
ANALYST |
Collard |
|||||
APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
|
FY04 |
FY05 |
FY04 |
FY05 |
||
|
|
$425.0 |
|
|
Recurring |
General
Fund |
(Parenthesis
( ) Indicate Expenditure Decreases)
Duplicates SB 299
Relates to HB 412 and SB 49
Relates
to Appropriation in the General Appropriation Act
LFC Files
Responses
Received From
Economic
Development Department
SUMMARY
Synopsis of Bill
House Bill 416
appropriates $425 thousand from the general fund to the Economic Development
Department (EDD) for the purpose of maintaining funding levels for all 19
communities and implementing new initiatives for the New Mexico Mainstreet
program.
FISCAL IMPLICATIONS
The appropriation of $425
thousand 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.
It should be noted EDD
has tracked the program between $8 and $11 leveraged from the private sector
for every one dollar of public funding.
It should also be noted there is $125 thousand in the department’s base
budget for this purpose.
DUPLICATION and RELATIONSHIP
House Bill 416
duplicates Senate Bill 299 and relates to House Bill 412 and Senate Bill 49,
which both appropriated $235 thousand to EDD for the same purpose.
OTHER SUBSTANTIVE ISSUES
EDD notes
KBC/dm