SENATE BILL 502

54th legislature - STATE OF NEW MEXICO - first session, 2019

INTRODUCED BY

Jacob R. Candelaria

AN ACT

RELATING TO FINANCIAL CONTROL; ACCELERATING THE DATE REVERSIONS ARE DUE TO THE FINANCIAL CONTROL DIVISION OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION; ALLOWING THE DIRECTOR OF THE FINANCIAL CONTROL DIVISION OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO CORRECT OVER-REVERSIONS FROM PRIOR YEARS IN LIMITED AMOUNTS.

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

     SECTION 1. Section 6-5-10 NMSA 1978 (being Laws 1994, Chapter 11, Section 1, as amended) is amended to read:

     "6-5-10. STATE AGENCY REVERSIONS--DIRECTOR POWERS--COMPLIANCE WITH FEDERAL RULES.--

          A. Except as provided in [Subsections B and C] Subsection B of this section, all unreserved undesignated fund balances in reverting funds and accounts as reflected in the central financial reporting and accounting system as of June 30 shall revert by [September 30] August 31 to the general fund. The division may adjust the reversion within [forty-five] thirty days of release of the audit report for that fiscal year.

          B. The director of the division may modify a reversion required pursuant to Subsection A of this section if the reversion would violate federal law or rules pertaining to supplanting of state funds with federal funds or other applicable federal provisions. The director may modify an over-reversion in prior years in amounts less than ten thousand dollars ($10,000)."

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