2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 10 - Public Money › Section 6-10-42 - Authorizing fund transfers to address delays in revenue; restrictions.

The state board of finance shall have power when there is a shortage of money in the funds appropriated by the legislature for any purpose, due to delay in the collection of revenues provided therefor, to direct the transfer from any available fund in the state treasury in which there may be a surplus over current requirements of a sufficient sum to meet the shortage, the same to be replaced as soon as possible from receipts of revenues for such purpose. A transfer from any available fund to the general fund may include an amount not to exceed fifty-five percent of the balance in the tax administration suspense fund.
It is unlawful for any state official or board or officer of any state institution or agency to borrow any money for or on behalf of the state or such institution or agency unless directly authorized by law.
History:
Laws 1923, ch. 76, § 25; C.S. 1929, § 112-125; 1941 Comp., § 7-237; 1953 Comp., § 11-2-40; Laws 1987, ch. 132, § 1; 1988, ch. 50, § 1.
ANNOTATIONS
Cross references.
— For the tax administration suspense fund,
see
7-1-6 NMSA 1978.
The 1988 amendment,
effective May 18, 1988, added the last sentence in the first paragraph.
The 1987 amendment,
effective June 19, 1987, rewrote the first paragraph and, in the second paragraph, substituted "is unlawful" for "shall be unlawful" and deleted "except as herein provided" following "agency."
Transfer of funds may be made in emergency cases only, and must be repaid.
— One state department cannot transfer its funds or property for use of another, except that in emergency cases where there is a shortage of money in current funds, appropriated funds from one department may be used by another to defray current expenses, upon order of the state board of finance, to be repaid as soon as sufficient revenues are received by the latter department. 1931 Op. Att'y Gen. No. 31-04.
Transfer or borrowing of funds for auditing by state.
— When an audit must be performed by the state comptroller and funds are not available in the public auditing fund to pay the cost thereof, an emergency exists and any shortage in that fund may be alleviated by the state board of finance by transferring or borrowing, as provided in this section. 1952 Op. Att'y Gen. No. 52-5615.
Amounts needed in excess of appropriation must be taken care of through deficiency appropriation.
— Any amount necessary for transportation and extradition of prisoners in excess of the sum specifically appropriated cannot legally be set up into these accounts from the general appropriation act, but must be taken care of by a deficiency appropriation by the legislature. 1937 Op. Att'y Gen. No. 37-1668.
Grants to wind-erosion districts may not be used for administrative purposes.
— The entire grant made to wind-erosion districts must be placed in the revolving fund, and no direct grant of any kind can be made by the regents for administrative purposes, nor can the state board of finance allocate any of the grant for such purposes, nor any expenses for such purposes be paid by borrowing money by anticipating revenues from the two-mill levy, but they are payable out of the general funds of the county. 1937 Op. Att'y Gen. No. 37-1809.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Funds § 4.
81A C.J.S. States § 133.