Check out the following chart:
It shows that New Mexico is among the slowest states in the nation when it comes to releasing financial reports. This chart comes to us from our friends at the Institute for Truth in Accounting which advocates for clear, honest, and transparent governmental accounting. Once aspect of their mission is to encourage states to release their reports in a timely fashion, on which account New Mexico is not faring too well.
While corporations have to file their 10-K’s within 90 days or less of their fiscal year end, in 2011 New Mexico took 356 days. This year is looking little better as it has been 298 days since the end of the fiscal year, and the state has yet to issue the report.
Additionally, on January 10, Governor Martinez issued her Executive Budget Recommendations. This means that she was making budgetary recommendations for 2014 without knowing for sure what took place in 2012—and she still doesn’t know!
Recently, the Institute highlighted the state which took the longest to release their financial reports in 2011. That is the chart shown above.