SANTA FE ― State Auditor Tim Keller announced that New Mexico is leading the nation in shining light on unspent funds throughout government.
The New Jersey Legislature passed legislation requiring its State Auditor to annually report on state account balances, modeled after the annual Fund Balance Report that the New Mexico Office of the State Auditor (OSA) has produced for the last three years.
The OSA’s Fund Balance Report compiles data from annual financial audits to shine a light on millions of dollars of state resources that are tied up in red tape instead of being used as intended for specific projects and programs.
“It is encouraging that New Jersey has utilized our groundbreaking work in New Mexico to legislate getting stagnant funds out the door and into our states’ economies,” Keller said. “No state should shy away from the complexities that connect government finance and our economy – using funds in a more efficient manner has the potential to truly make a difference in our communities; and I hope New Mexico can join New Jersey with legislation on this growing bipartisan national effort to cut red tape and create local jobs.”
Read more about OSA’s last Fund Balance Report here.