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	Altamirano		DATE TYPED	2/2/04		HB
SHORT TITLE		NM Mainstreet Program Funding				SB	299
					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 HB 416

Relates to HB 412 and SB 49

Relates to Appropriation in the General Appropriation Act

SOURCES OF INFORMATION

LFC Files

Response Received From

Economic Development Department

SUMMARY

Synopsis of Bill

Senate Bill 299 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 languages between $8 and $11 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

Senate Bill 299 duplicates House Bill 416 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 National MainStreet Center with which the New Mexico MainStreet Program is affiliated identifies average funding for a Program that has 19 affiliated local projects to be $437 thousand. National MainStreet Center oversees the operations of its 47 state affiliates and has the power to rescind affiliation if the state program does not meet its obligations in providing appropriate technical services to its local projects.

KBC/dm:lg