New Mexico misses Goal on Financial Reporting (again and again)

According to the group Truth in Accounting, New Mexico is having serious problems getting its fiscal reports done in a timely manner. According to a new report, the State has missed the 180 day goal to release fiscal reports after year-end since 2009; with a worse record each year.
· 2009- report published 262 days after fiscal year end
· 2010- report published 258 days after fiscal year end
· 2011- report published 356 days after fiscal year end
· 2012- report published 426 days after fiscal year end
· 2013- ONLY STATE YET TO RELEASE THEIR COMPREHENSIVE ANNUAL FINANCIAL REPORT

Why should citizens of New Mexico care?
· The budget cannot be made efficient without timely financial results from the prior year.
· Unfunded pensions promises are growing (from $4.2 billion in 2009 to $7.28 billion in 2012)
· Unfunded retirement health promises (from 2.21 billion in 2009 to $2.51 billion in 2012)
· Citizens cannot hold their elected officials accountable without truthful, timely information.
· Click here to view the full financial state of New Mexico

New Mexico might look to its neighbor, Utah, for advice. Utah published its 2013 financial report 115 days after the fiscal year end – making Utah the second fastest state in the country after Michigan, who released its 2013 report 82 days after fiscal year-end.
Check out your state’s timeliness by selecting “Edit Chart Criteria” below this chart, scroll down the next page to select your state, select Available Years, and Generate Chart MI and UT Reporting Timeliness: 2009-2013.

Truth in Accounting commends Michigan and Utah for enabling their citizens to make informed decisions with timely available reports. Utah is also one of our eight sunshine states, meaning they have enough assets to pay their bills.

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2 Replies to “New Mexico misses Goal on Financial Reporting (again and again)”

  1. When there are real consequences for politicians and public servants who cannot or will not do their jobs (effectively, efficiently and in a timely manner) there will be on-time audits. Until then, why should they bother? It all pays the same.

  2. If you go to this link:

    http://www.nmdfa.state.nm.us/uploads/files/Board%20of%20Finance/2014/New%20Mexico%20(State%20of)%2C%20NM%20Severance%20Tax%20Bonds%2C%20Srs%202014%20A%20OS.pdf

    You will find the State’s most recent financial disclosure (June 2014). On page A-15, you will find this gem:

    “In June 2012, an independent financial expert diagnostic report revealed that the State [of New Mexico] General Fund Investment Pool (the “Pool”) balances have not been reconciled at the business unit/fund level since the inception of SHARE [The Statewide Accounting System] on July 1, 2006.”

    In summary, the books have not been balanced for 8 years! They estimate (same page) that the un-audited items are well over $100 million dollars.

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