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2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 5 - Financial Control
Section 6-5-10 - State agency reversions; director powers; compliance with federal rules.

Universal Citation: NM Stat § 6-5-10 (2019)
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A. Except as provided in Subsections B and C of this section, all unreserved undesignated fund balances in reverting funds and accounts as reflected in the central financial reporting and accounting system as of June 30 shall revert by September 30 to the general fund. The division may adjust the reversion within forty-five days of release of the audit report for that fiscal year.

B. The director of the division may modify a reversion required pursuant to Subsection A of this section if the reversion would violate federal law or rules pertaining to supplanting of state funds with federal funds or other applicable federal provisions.

History: Laws 1994, ch. 11, § 1; 2001, ch. 324, § 1; 2003, ch. 273, § 7.

ANNOTATIONS

The 2003 amendment, effective July 1, 2003, deleted "and regulations" in the section heading; in Subsection A, substituted "shall revert by September 30" for "as adjusted shall revert" following "of June 30", substituted "The division may adjust the reversion within forty-five" for "within ten" preceding "days of release"; in subsection B, substituted "the division may" for "the financial control division of the department of finance and administration may" near the beginning, substituted "law or rules" for "law rules or regulations" following "would violate federal"; and deleted former Subsection C which read: "Appropriations to the human services department for medicaid payments may be expended by the department for medicaid obligations for prior fiscal years."

The 2001 amendment, effective June 15, 2001, inserted the exception at the beginning of Subsection A; in Subsection B, deleted the former last sentence, which read "For the eighty-third fiscal year, the director of the financial control division may modify a reversion pursuant to this section if the reversion would result in a financial hardship to the state"; and added Subsection C.

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