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|
SPONSOR: |
Fidel |
DATE TYPED: |
05/24/02 |
HB |
|
||
|
SHORT TITLE: |
Capital Projects |
SB |
3 |
||||
|
|
ANALYST: |
L. Kehoe |
|||||
APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or Non-Rec |
Fund Affected |
||
|
FY02 |
FY03 |
FY02 |
FY03 |
|
|
|
($12,000.0) |
|
|
|
Non-Recurring |
W&WWGF |
|
($10,000.0)
|
$10,000.0 |
*For Expenditure in
FY04 |
|
Non-Recurring |
GF |
|
$3,600.0 |
|
|
|
Non-Recurring |
STB |
(Parenthesis
( ) Indicate Expenditure Decreases)
Duplicates/Relates
to Appropriation in The General Appropriation Act
Duplicates/Conflicts
with/Companion to/Relates to
REVENUE
|
Estimated Revenue |
Subsequent Years
Impact |
Recurring or Non-Rec |
Fund Affected |
|
|
FY02 |
FY03 |
|
|
|
|
$12,000.0 |
|
|
Non-Recurring |
General Fund |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates
to
LFC Files
SUMMARY
Synopsis
of Bill
Senate Bill 3 changes
appropriations made in Laws 2002, Chapter 110, Sections 47 and 48 (House
Taxation & Revenue Committee Substitute for House Bill 88, as amended); and
authorizes
the issuance and sale
of $3.6 from Severance Tax Bond (STB) capacity for the installation and purchase
of state police radios and vehicles.
Significant
Issues
Laws 2002, Chapter 110, Section 47 appropriated
$10 million from the General Fund to the Water Project Fund for expenditure in
fiscal years 2002 through 2007 to carry out the provisions of the Water Project
Finance Act. This bill delays
expenditure of the $10 million until fiscal year 2004 and subsequent fiscal
years.
Laws 2002, Chapter 110, Section 48 appropriated
$15 million from the General Fund to the Water and Wastewater Project Grant
Fund for the purpose of making grants to water and wastewater projects. However, legislation authorizing the
projects to be funded failed to pass during the 2002 regular session. This bill transfers $12 million back to the
General Fund, but authorizes the New Mexico Finance Authority (NMFA) to expend
$3 million of the appropriation for emergency public projects.
This bill authorizes the issuance and sale of
$3.6 million from Severance Tax Bond (STB) capacity and appropriates the
proceeds to the Department of Public Safety.
Of the $3.6 million, $2.6 million is for the purpose of purchasing and
installing state police radios, and $1 million is for the purpose of purchasing
state police motor vehicles.
This bill also repeals Laws 2002, Chapter 110,
Sections 47 and 48, and contains an emergency clause.
FISCAL IMPLICATIONS
· General
Fund capacity is increased by $12 million in FY02.
· The
$3 million authorized and appropriated from the Water and Wastewater Project
Grant Fund is derived from existing funds appropriated in Laws 2002, Chapter
110, Section 48 as provided in Subsection E of Section 6-21-6.3 NMSA 1978.
· The
$10 million appropriated from the General Fund to the Water Project Fund is for
expenditure in fiscal year 2004 and subsequent fiscals years and shall not
revert to the General Fund.
· The
Severance Tax Bond appropriation of $3.6 million is a nonrecurring expense to
STB bonding capacity. Any unexpended or unencumbered balance remaining at the
end of the fiscal year following the fiscal year in which the severance tax
bonds were issued shall revert to the Severance Tax Bonding Fund.
[1]Begin typing on the * in replace mode. Do not add or delete spaces.