Bill > SB290

This bill, titled "Audits of capital outlay projects," proposes to add a new section to the Audit Act in New Mexico. It mandates that any capital outlay project, which refers to the construction or renovation of public facilities, costing over five million dollars and funded even partially by state money, must undergo a special audit upon completion. This audit will be separate from regular financial reviews and will specifically verify that all funds allocated to the project were spent correctly and in compliance with the laws that authorized the funding, as well as any other relevant state or local regulations. The agency responsible for managing the project's finances, known as the fiscal agent, will be required to cover the cost of this special audit, which will be conducted by independent auditors approved by the state auditor and will be incorporated into the agency's annual audit report.