N.M. Admin. Code § 2.2.3.6

Current through Register Vol. 35, No. 21, November 5, 2024

Section 2.2.3.6 - OBJECTIVE

2.2.3 NMAC codifies required budgetary and financial reporting by local public bodies to the local government division supported by timely audits as of the previous fiscal year submitted to the state auditor's office and the local government division. The intended result is to promote submission of budgets and reports to the local government division by local public bodies with documentation that provides assurance that the financial statements and position of the local public body have been audited in accordance with requirements of the New Mexico state auditor found in 2.2.2.1 through 2.2.2.14 NMAC, the requirements for contracting and conducting audits of agencies, ("the audit rule"). The purpose of coordinating the submission of audits timely from the previous fiscal year with the budget certification process is two-fold:

1) to allow for corroboration of items in the previous fiscal year audit with the budget and financial reports submitted to the local government division, and

2) to require correspondence and other documentation that can be maintained in a record for reference by government officials and the public.

N.M. Admin. Code § 2.2.3.6

2.2.3.6 NMAC - N, 6/1/2008