Report: NM Behind In Audits

New Mexico – State Auditor Hector Balderas says 90 governmental bodies including school districts, counties and municipalities are late in submitting financial audits required by law.

Balderas told a legislative committee on Tuesday that some agencies are years behind in completing their audits. He called it a serious financial problem because more than $1 billion in taxpayer money is going unaudited. More than 800 governmental agencies are required to submit audits annually.

The auditor issued a report last month that found more than $3 million had been embezzled from a rural school district in northwestern New Mexico, which had been years late in completing audits.

The auditor's office has notified the 90 governmental agencies they must submit periodic reports on the status of audit work.

Copyright 2009 The Associated Press.