SB 298

Page 1

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

AN ACT

RELATING TO PUBLIC FINANCES; REQUIRING ALL AGENCIES TO OBTAIN

APPROVAL FOR PRIOR FISCAL YEAR OBLIGATIONS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 6-10-4 NMSA 1978 (being Laws 1963,

Chapter 35, Section 1, as amended) is amended to read:

"6-10-4. PAYMENT OF OBLIGATIONS OF PRIOR YEARS FROM

CURRENT YEAR APPROPRIATIONS.--Appropriations made for a

specific fiscal year may not be used for paying obligations

of any prior fiscal year except upon approval of the

department. As a condition to the approval, the department

shall certify that there existed in the affected state

agency's budget at the end of the fiscal year sufficient

funds, including uncollected earned revenue, to pay the

obligation had the bill been presented prior to the end of

that fiscal year. The department shall make quarterly

reports to the legislative finance committee concerning all

authorizations of payment."