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

SPONSOR Altamirano

ORIGINAL DATE

LAST UPDATED

2/15/07

2/16/07 HB

SHORT TITLE Santa Fe International Business Accelerator

SB 1008

ANALYST Earnest

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY07

FY08

$50.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

SUMMARY

Synopsis of Bill

Senate Bill 1008 appropriates $50 thousand from the general fund to the Economic Development

Department (EDD) for the New Mexico Small Business Development Center at Santa Fe

Community College for the operation of an international business accelerator.

FISCAL IMPLICATIONS

The appropriation of $50 thousand contained in this bill is a recurring expense to the general

fund. Any unexpended or unencumbered balance remaining at the end of fiscal year 2008 shall

revert to the general fund.

SIGNIFICANT ISSUES

The bill would provide funding for EDD to continue a contract with the International Business

Accelerator in Santa Teresa, NM, which is administered by Western New Mexico University.

This IBA provides consulting, educational, and other business services to small companies

moving their business to the global market.

EDD has contracted with the Santa Teresa IBA in FY07 to assist their Mexican Affairs program

in attracting companies to the border.

BE/nt