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

SPONSOR Ortiz y Pino

ORIGINAL DATE

LAST UPDATED

2/17/07

HB

SHORT TITLE Low-Income Resident Credit Union

SB 1045

ANALYST Propst

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY07

FY08

$200.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

Department of Finance and Administration (DFA)

SUMMARY

Synopsis of Bill

Senate Bill 1045 appropriates $200.0 to the local government division to develop a credit union

for low-income residents of New Mexico. The money will be used to hire a consultant who will

write a charter for the credit union.

FISCAL IMPLICATIONS

The appropriation of $200.0 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

SB 1045 does not specify criteria on how or who will qualify as a "low -income" resident of New

Mexico. DFA suggest that the bill possibly be amended to include a definition.

WEP/csd