SENATE CONSERVATION COMMITTEE SUBSTITUTE FOR

SENATE BILL 707

52nd legislature - STATE OF NEW MEXICO - first session, 2015

AN ACT

RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE; REQUIRING ANNUAL REPORTS BY THE STATE AUDITOR TO THE LEGISLATIVE FINANCE COMMITTEE ON UNENCUMBERED BALANCES IN VARIOUS AGENCY ACCOUNTS AND FUNDS THAT ARE AVAILABLE FOR EXPENDITURE.

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

     SECTION 1. [NEW MATERIAL] STATE AUDITOR REPORTS TO LEGISLATIVE FINANCE COMMITTEE.--

          A. The state auditor shall report to the legislative finance committee by December 1 of each year unencumbered balances in all state accounts and funds that are available for expenditure by the subsequent regular legislative session.

          B. The provision of Subsection A of this section does not apply to accounts or funds that are:

                (1) constitutionally created as nonreverting funds or statutory funds created to carry out Enabling Act for New Mexico or constitutional mandates;

                (2) actuarially obligated;

                (3) permanent, endowment or trust funds;

                (4) created pursuant to court order or made nonreverting pursuant to court order;

                (5) funded by severance tax bonds or other bonds for active projects under contract that have not been completed;

                (6) sinking funds, unless the project for which the sinking fund was created is completed;

                (7) suspense funds;

                (8) revolving loan funds;

                (9) gifts, grants or donations that are specific to purpose; or

                (10) operating accounts or funds that revert on June 30 of the year in which the regular legislative session that is subsequent to the report is held.

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