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	Maes		DATE TYPED	1/24/03		HB
SHORT TITLE		Small Business Retention and Expansion Services				SB	29
					ANALYST		Collard

APPROPRIATION

Appropriation Contained		Estimated Additional Impact		Recurring or Non-Rec	Fund Affected
FY04	FY05	FY04	FY05
	$2,000.0			Non-Recurring	General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

New Mexico Labor Department

Economic Development Department

SUMMARY

Synopsis of Bill

Senate Bill 29 appropriates $2 million from the general fund to the Economic Development Department for the purpose of supporting business retention and expansion services of statewide small business development centers.

FISCAL IMPLICATIONS

The appropriation of $2 million contained in this bill is a nonrecurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of fiscal year 2005 shall revert to the general fund.

OTHER SUBSTANTIVE ISSUES

The Economic Development Department indicates a need for the state to recognize existing state retention and expansion programs, rather than focusing primarily on business startup or relocation.

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