Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance
committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports
if they are used for other purposes.
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F I S C A L I M P A C T R E P O R T
SPONSOR SPAC
ORIGINAL DATE
LAST UPDATED
2/10/07
3/2/07 HB
SHORT TITLE Change Candidate Reporting Requirements
SB CS/444/aSPAC
ANALYST Ortiz
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY07
FY08
NFI
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of SPAC Amendment
Senate Public Affairs Committee inserts a new section that requires reports to be subscribed and
sworn to by the candidate or treasurer of the political committee. It also allows reports to be
received electronically so long as an electronic signature in conformance with the Electronic
Authentication of Documents Act and the Uniform Reporting Act.
SPAC also adds that each required report shall include, unless anonymous or an event,
•
The full legal name of the entity or individual and address to whom an expenditure was made
or contribution was received;
•
The occupation or type of business of any person or entity making contributions of $250 or
greater;
•
The date and amount or value of a contribution; and
•
The amount, purpose and date of the expenditure.
It adds that a report shall contain an opening and closing cash balance for the bank account
maintained by the reporting individual during the reporting period and the name of the financial
institution.
Finally, each report must specify the amount of each unpaid debt and identity of the person to
whom the debt is owed.