NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

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(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

Commission on Higher Education (CHE)

SUMMARY

Synopsis of Bill

This bill appropriates $500.0 to the Board of Regents of the New Mexico State University for the New Mexico Department of Agriculture for soil and water conservation districts to conduct water quality and water conservation projects statewide.

Significant Issues

According to the CHE, the project proposed in this bill was not included in the list of eleven special project requests made by the institution.

FISCAL IMPLICATIONS

The appropriation of $500.0 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of FY00 shall revert to the general fund.

OTHER SUBSTANTIVE ISSUES

According to the CHE, the state higher education funding formula allows institutions to retain 100% of earned overhead on federal grants and contracts for the purpose of providing seed money and matching funds for projects such as that proposed in this bill.

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