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.

Current FIRs (in HTML & Adobe PDF formats) are a vailable on the NM Legislative Website (legis.state.nm.us).

Adobe PDF versions include all attachments, whereas HTML versions may 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 Altamirano

ORIGINAL DATE

LAST UPDATED

2/6/06

HB

SHORT TITLE Grant County Economic Development

SB 167

ANALYST Hoffmann

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY06

FY07

$50.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

No Duplicates.

SOURCES OF INFORMATION

LFC Files

Responses Received From

Higher Education Department (HED)

Economic Development Department (EDD)

SUMMARY

Synopsis of Bill

Senate Bill 167 appropriates $50,000 from the general fund to the Board of Regents of Western

New Mexico University to contract with a local nonprofit corporation to promote economic de-

velopment in Silver City and Grant County.

FISCAL IMPLICATIONS

The appropriation of $50,000 contained in this bill is a recurring expense to the general fund.

Any unexpended or unencumbered balance remaining at the end of fiscal year 2007 shall revert

to the general fund.

SIGNIFICANT ISSUES

There is no line-item proposal for this in the Executive budget recommendation. The LFC ap-

propriation recommendations include a block grant amount of $14,700 for Western New Mexico

Senate Bill 167 – Page

2

University’s NAFTA Institute.

According to the Higher Education Department, the Silver City Grant County Economic Devel-

opment (SIGRED) contracts with WNMU to provide Small Business Development services at no

cost to entrepreneurs, small businesses and industries throughout the four-county area of Catron,

Grant, Hidalgo and Luna. SIGRED is a 501(c) 3 corporation established in 1978, whose purpose

is to educate the community about various aspects of economic development.

ADMINISTRATIVE IMPLICATIONS

According to the Higher Education Department, Western New Mexico University houses the

New Mexico Small Business Development Center. SIGRED operates its activities out of this of-

fice and offers courses in economic and small business development on WNMU campus.

TECHNICAL ISSUES

The Economic Development Department states that there are no technical issues associated with

this Legislation. They work closely with economic development organizations in Grant County

CH/nt