SENATE BILL 29

50th legislature - STATE OF NEW MEXICO - second session, 2012

INTRODUCED BY

Timothy M. Keller and Jimmie C. Hall

ENDORSED BY THE INVESTMENTS AND PENSIONS OVERSIGHT COMMITTEE

AN ACT

RELATING TO PUBLIC FINANCE; CLARIFYING DUTIES REGARDING THE DEPOSIT AND ACCOUNTING OF PUBLIC MONEY.

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

     SECTION 1. Section 6-10-3 NMSA 1978 (being Laws 1923, Chapter 76, Section 2, as amended) is amended to read:

     "6-10-3. PAYMENT OF STATE MONEY INTO TREASURY--SUSPENSE FUNDS.--All public money in the custody or under the control of any state official or agency obtained or received by any official or agency from any source, except as in Section 6-10-54 NMSA 1978 provided, shall be paid into the state treasury. It is the duty of every official or person in charge of any state agency receiving any money in cash or by check, draft or otherwise for or on behalf of the state or any agency thereof from any source, except as in Section 6-10-54 NMSA 1978 provided, to [forthwith and] record the receipt of that money in the statewide accounting system and to deliver the money to the state treasury before the close of the next succeeding business day after the receipt of the money [to deliver or remit it to the state treasurer]; provided, however, that:

          A. the money collected by the state parks division of the energy, minerals and natural resources department and the state monuments division of the cultural affairs department shall be deposited into the state treasury no later than ten days following collection;

          B. county treasurers shall remit all money received for taxes for state purposes or that are by law required to be remitted to the department on or before the tenth day of the next succeeding month following the receipt or collection thereof;

          C. every official or person in charge of any state agency receiving any money, except as in Section 6-10-54 NMSA 1978 provided, in cash or by check or draft, on deposit, in escrow or in evidence of good faith to secure the performance of any contract or agreement with the state or with any department, institution or agency of the state, which money has not yet been earned so as to become the absolute property of the state, shall deliver or remit to the state treasury within the times and in the manner as in this section provided, which money shall be deposited in a suspense account to the credit of the proper official, person, board or bureau in charge of any state agency so receiving the money; and

          D. all money held by the commissioner of public lands on deposit, in escrow or in evidence of good faith to secure the performance of any contract or agreement with the state shall be delivered or remitted to the state treasury within six months from the date this act is approved and at those times, in the amounts and from the various banks in which it is deposited as may be directed by the state board of finance."

     SECTION 2. Section 8-6-3 NMSA 1978 (being Laws 1851-1852, Page 170, as amended) is amended to read:

     "8-6-3. DUTIES [OF TREASURER] RELATING TO PUBLIC MONEY--RECEIPTS.--[The state treasurer shall receive and keep] All money of the state, except when otherwise specially provided, [disburse the public money] shall be received and kept in a master depository or cash concentration account held at the state's fiscal agent bank and administered by the office of the state treasurer and shall be disbursed upon warrants drawn according to law and not otherwise. The department of finance and administration shall, through the statewide accounting system, keep a just, true and comprehensive account of all money received and disbursed [render the state treasurer's accounts to the financial control division of the department of finance and administration annually, or more often if required; and]. The state treasurer shall report to the legislature, at the commencement of each regular session, a detailed statement of the condition of the treasury. [The state treasury shall grant duplicate receipts for all money paid into the treasury, and the person receiving the duplicate receipts shall record the entry in the centralized accounting system administered by the department of finance and administration.]"

     SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2012.

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