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	Altamirano		DATE TYPED	02/06/04		HB
SHORT TITLE		Faculty Endowment Fund				SB	223
					ANALYST		Williams

APPROPRIATION

Appropriation Contained		Estimated Additional Impact		Recurring or Non-Rec	Fund Affected
FY04	FY05	FY04	FY05
	$12,000.0			Non-recurring	General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

No Response

Commission on Higher Education

Related to Senate Bill 121

Duplicate of House Bill 272

SUMMARY

Synopsis of Bill

Senate Bill 223 appropriates $12 million from the general fund to the Commission on Higher Education for the purpose of funding faculty endowments. Funding is to be equally distributed between New Mexico Institute of Mining and Technology, University of New Mexico and New Mexico State University.

Significant Issues

Based on an information item on the faculty endowment fund presented to the Commission on Higher Education in January 2004, the attached tables show the current status of institutional draw-downs of funds appropriated in 2002 and 2003.

FISCAL IMPLICATIONS

The appropriation of $12 million contained in this bill is a non-recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of FY05 would not revert.

OTHER SUBSTANTIVE ISSUES

Commission documents indicate the need for a CHE regulation “to further guide implementation of this program.”

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