New Mexico's top finance officials say the state's checkbook is out of balance to the tune of $100 million.
Department of Finance and Administration Secretary Tom Clifford testified before the Senate Finance Committee on Monday. He says that amount is his agency's best guess at the discrepancy between the state's general cash ledger and what it actually has in the bank.
However, state Auditor Tim Keller says the difference could be hundreds of millions of dollars.
The problem stems from accounting software the state purchased several years ago. Officials say if the state doesn't reconcile its cash accounts, its credit rating and borrowing power could suffer.
Senate Majority Leader Michael Sanchez and other lawmakers voiced concerns that the missing money could have been used for education and other state needs.
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