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 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

Salazar

DATE TYPED

2/7/04

HB

438

 

SHORT TITLE

Expand Job Creation Programs

SB

 

 

 

ANALYST

Gilbert

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY04

FY05

FY04

FY05

 

$2,500.0

 

 

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Relates to: $2.5 million Appropriation in the General Appropriation Act

 

SOURCES OF INFORMATION

 

LFC Files

 

Responses Received From

Economic Development Department (EDD)

NM Department of Labor (DOL)

 

SUMMARY

 

Synopsis of Bill

 

House Bill 443 appropriates $2.5 million from the general fund to the Economic Development Department (EDD) to support innovative and effective job creation programs statewide.

 

FISCAL IMPLICATIONS

 

The appropriation of $2,500.0 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall revert to the general fund.

 

The appropriations act contains a $2.5 million appropriation and 23 FTE’s to the EDD for an economic development program is to assist communities in preparing for their role in the new economy, focusing on high-quality job creation and improved infrastructure.

 

 

 

ADMINISTRATIVE IMPLICATIONS

 

According to the EDD, the additional funds will enable employment services to expand the job service functions and improve across all job placement performance standards. It would provide greater opportunity to work with businesses and training providers in creating innovative job placement and training for the public. 

 

OTHER SUBSTANTIVE ISSUES

 

The EDD stated that the added funding in this bill would boost revenues to the employment services programs whose funding has remained flat for several years.

 

RLG/lg