SENATE BILL 357

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

John M. Sapien

AN ACT

RELATING TO STATE FINANCE; CREATING AN AUDIT GRANT FUND; AUTHORIZING GRANTS; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. A new section of the Audit Act is enacted to read:

     "[NEW MATERIAL] AUDIT GRANT FUND--CREATED--USES.--

          A. The "audit grant fund" is created in the state treasury and shall consist of appropriations, gifts, grants and donations to the fund. Balances remaining in the fund at the end of a fiscal year shall remain credited to the fund. The state auditor shall administer the fund, and money in the fund is appropriated to the state auditor to make grants to assist political subdivisions of the state to comply with the Audit Act if they have demonstrated that such compliance will cause financial hardship. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the state auditor or the state auditor's authorized representative.

          B. The state auditor shall promulgate rules for determining eligibility for grants from the audit grant fund and how grantees may expend those funds to come into compliance with the Audit Act. The rules shall give special consideration to political subdivisions of the state that have been unable to obtain prior year audits required by the Audit Act."

     Section 2. APPROPRIATION.--Fifty thousand dollars ($50,000) is appropriated from the general fund to the audit grant fund for expenditure in fiscal year 2010 and subsequent fiscal years to carry out the purposes of the fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

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