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Wed January 16, 2013
NM Has Failed To Balance Its Checkbook Since 2006
State government hasn't properly balanced its checkbook for more than six years, and officials in Gov. Susana Martinez's administration are warning lawmakers that New Mexico's cash surplus is from $70 million to $460 million less than what been anticipated .
Officials stress there's no immediate risk of New Mexico being unable to pay its bills because of the problems in the state's computerized accounting system.
However, the state will have a smaller financial cushion in case of unexpected budget problems and less surplus cash to spend on projects such as capital improvements.
At issue is faulty implementation of a computer system in 2006. The accounting system didn't match fund balances shown by state agencies with cash in the state's bank accounts.
Copyright 2013 The Associated Press.