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F I S C A L I M P A C T R E P O R T
SPONSOR Varela
DATE TYPED 3/1/05
HB 1092
SHORT TITLE Establish “Buy New Mexico” Program
SB
ANALYST Rosen
APPROPRIATION
Appropriation Contained Estimated Additional Impact Recurring
or Non-Rec
Fund
Affected
FY05
FY06
FY05
FY06
$300.0
$0.0 Recurring General Fund
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Responses Received From
Tourism Department (TD)
Economic Development Department (EDD)
SUMMARY
Synopsis of Bill
House Bill 1092 appropriates $300.0 from the general fund to TD for the “Buy New Mexico”
initiative that provides market access through a wholesale trade show.
Significant Issues
According to TD, The Santa Fe Gift Market held each year in Santa Fe by New Mexico’s Own is
for wholesalers who deal only in New Mexico-made products: Southwest & Native American
gift items, gourmet foods, regional crafts, jewelry, apparel, stationery, home furnishings etc. TD
is supportive of activities and events that result in increasing the number of tourists to New Mex-
ico; the skill of New Mexican artists, artisans, jewelers, musicians, gourmet cooks and other
craftsmen is appreciated nationwide and efforts to promote their art should be encouraged and
supported.
FISCAL IMPLICATIONS
The appropriation of $300.0 contained in this bill is a recurring expense to the general fund. Any
unexpended or unencumbered balance remaining at the end of FY06 shall revert to the general
fund.
JR/yr