Comprehensive Annual Finance Report
State can’t account for at least $100 million
Once again, New Mexico’s financials are too poor to merit a comment from an independent auditor. For the second year in a row, the state received a “disclaimer of opinion” on its most recent Comprehensive Annual Financial Report (CAFR), which is supposed to give the most accurate picture of New Mexico’s financial condition. That’s because the state can’t account for at least $100 million of its own money, though the State Auditor’s Office says that the estimate of unaccounted-for money may be “substantially higher.”
New Mexico is overestimating money held in its savings account, or reserves. Reserves are different than the money used for the state’s annual budgets and act as a backup fund during bad economic times. For nearly a decade, New Mexico hasn’t been able to properly perform this act of balancing its own checkbook.