NOTE:  As provided in LFC policy, this report is intended only 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 for other purposes.

 

The most recent FIR version (in HTML & Adobe PDF formats) is available on the Legislative Website.  The Adobe PDF version includes all attachments, whereas the HTML version does not.  Previously issued FIRs and attachments may be obtained from the LFC in Suite 101 of the State Capitol Building North.

 

 

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

 

 

 

SPONSOR:

Beam

 

DATE TYPED:

03/15/03

 

HB

756/aHAFC

 

SHORT TITLE:

Endowed Chairs for Economic Development

 

SB

 

 

 

ANALYST:

Williams

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

NFI

 

 

 

 

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Relates to:

SB 466

HB 567/SB 455:  Faculty Development Fund

HB 391/SB 366:  LFC Technology Enhancement Fund

HB 392/SB 370:  LFC Higher Education Program Development Enhancement Fund

HB 393/SB 369:  LFC Work Force Skills Development Fund

HB 394/SB 368:  LFC Work Force Skills Development Fund

HJM 27/SJM 25:  LFC Higher Education Performance Fund

HB 160/SB 221:  Work Force Skills Development Fund

 

SOURCES OF INFORMATION

 

LFC Files

Commission on Higher Education (CHE)

 

SUMMARY

 

            Synopsis of HAFC Amendment

 

The House Appropriations and Finance Committee amendment authorizes up to $3,000.0 of the faculty endowment fund to be distributed equally to the state’s three public post-secondary institutions when each institution receives matching, non-state source funds of 2/3 of the state amount.  The amendment also removes the appropriation; however, the Senate Finance Committee Substitute for SB 655 includes a non-recurring general fund appropriation of $3,000.0 in FY03 to CHE for endowed chairs.

 

 

 

Synopsis of Original Bill

 

House Bill 756 appropriates $9,000.0 from the general fund to the faculty endowment fund to be allocated equally by the CHE for the purpose of funding three professorships at the University of New Mexico, New Mexico State University and New Mexico Institute of Mining and Technology.  Each institution must provide non-state source matching funds of at least $2,000.0.  Each endowed professorship must directly relate to economic development of New Mexico and must be affiliated with a center of excellence at the university.

 

FISCAL IMPLICATIONS

 

The appropriation of $9,000.0 contained in this bill is a non-recurring expense to the general fund.  Any unexpended or unencumbered balance remaining at the end of FY04 shall not revert. 

 

OTHER SUBSTANTIVE ISSUES

 

CHE notes the mechanism authorized in this bill is consistent with the Blue Ribbon Task Force on Higher Education-recommended Base Plus Incentives funding approach.

 

TECHNICAL ISSUES

 

The HAFC amendment does not remove the words “MAKING AN APPROPRIATION” on page 1, line 13.

 

AW/prr/njw:yr