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F I S C A L I M P A C T R E P O R T

SPONSOR Lundstrum

ORIGINAL DATE

LAST UPDATED

2/14/2007

HB 1061

SHORT TITLE

UNM GALLUP ENTREPRENEURSHIP

PROGRAM

SB

ANALYST Moser

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY07

FY08

$50.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

NM Department of Higher Education (DHE)

SUMMARY

Synopsis of Bill

House Bill1061 appropriates $50,000 from the General Fund to the Board of Regents of the

University of New Mexico (UNM) to pay for the implementation of a strategic plan for an

Entrepreneurship Program at UNM's Gallup branch.

FISCAL IMPLICATIONS

The appropriation of $50,000 contained in this bill is a recurring expense to the General Fund.

Any unexpended or unencumbered balance remaining at the end of FY08 shall revert to the

General Fund.

SIGNIFICANT ISSUES

HED advises that the Anderson School of Business at UNM has worked with communities and

schools around New Mexico to help design and implement entrepreneurship programs. At a town

hall meeting last year it came to the attention of representatives from the Anderson School of

Management that people from the Gallup community were also interested in developing an

entrepreneurship program.

House Bill 1061 – Page

2

The essential purpose of this type of program is to help people get an idea to the field

(technology, commercialization). Students of an entrepreneurship program learn about topics

such as market assessment, how to assess financial status, and how to create a revenue plan for

new businesses. Students participate in internships and community projects in real start-up

businesses that offer students important hands-on experience. The Anderson School of Business

has agreed to work with the Gallup branch to help create a program that is tailored to the needs

of the citizens of Gallup and designed to stimulate the economy of the community.

This appropriation would be used for curriculum design and implementation of the

Entrepreneurship Program at UNM's Gallup branch.

This request was not submitted by UNM to the HED for review and was not included in the

Department’s funding recommendations for FY08.

GM/nt