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	Smith		DATE TYPED	2/7/04		HB
SHORT TITLE		Lordsburg Economic Development Office				SB	529
					ANALYST		Collard

APPROPRIATION

Appropriation Contained		Estimated Additional Impact		Recurring or Non-Rec	Fund Affected
FY04	FY05	FY04	FY05
	$225.0			Recurring	General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Response Received From

Economic Development Department

SUMMARY

Synopsis of Bill

Senate Bill 529 appropriates $225 thousand from the general fund to the Economic Development Department (EDD) for the purpose of a pilot project to establish and maintain a community economic development office in Lordsburg. The bill requires the department to contract with a nonprofit community development organization that provides employment opportunities to the residents, including low-income persons, of the area.

Significant Issues

EDD notes the community leadership in the Lordsburg/Hidalgo County area is in support of this bill to insure economic prosperity for the residents.

FISCAL IMPLICATIONS

The appropriation of $225 thousand contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of FY07 shall revert to the general fund.

KBC/lg