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NM SB145
Bill
Status
Engrossed
2/13/2026
Primary Sponsor
George Munoz
Click for details
AI Summary
- Raises the annual revenue threshold for local public body audit exemptions from $10,000 to $100,000, and increases the threshold requiring full audits from $500,000 to $1,000,000
- Beginning fiscal year 2028, the Department of Finance and Administration's financial control division will conduct annual federal single audits for state agencies in accordance with the Federal Single Audit Act
- Expands the definition of "local public body" to explicitly include acequias and 11 types of special districts such as drainage, irrigation, sanitation, transit, and utility districts
- Appropriates $50,000 from the general fund to the state auditor's office in FY 2027 to purchase software for administering statewide single federal audits
- Restructures the audit fund as a nonreverting fund administered by the state auditor, consisting of earmarked revenue, appropriations, gifts, grants, donations, and fees from audited agencies
Legislative Description
Audit Changes
Last Action
Sent to HJC - Referrals: HJC/HAFC
2/13/2026
Committee Referrals
Judiciary2/13/2026
Committees1/26/2026
Full Bill Text
No bill text available