Bill > SB145

This bill modifies existing audit requirements for state and local government entities in New Mexico. It expands the definition of an "agency" to include organizations supporting public post-secondary educational institutions and broadens the definition of "local public body" to encompass more types of special districts and includes "acequias" (irrigation ditches). The bill also clarifies that audits can be conducted by state auditor personnel, independent auditors, or a combination of both, and mandates that for fiscal year 2028 and beyond, an annual federal single audit will be conducted in accordance with federal law, specifically the Federal Single Audit Act. Thresholds for audits of local public bodies are significantly increased, with entities having less than $100,000 in cash and investment assets, annual revenue, or federal expenditures facing different reporting requirements, and those with $1,000,000 or more subject to full examination. The bill also updates reporting requirements for audit findings, ensuring copies are sent to the secretary of finance and administration and the legislative finance committee, and clarifies the creation and purpose of the "audit fund" for covering audit expenses. Finally, it appropriates $50,000 from the general fund to the state auditor's office for the purchase of software to administer statewide single federal audits.

Justice

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=145&year=26