New Mexico 2024 Regular Session Status: Passed House 1 D cosponsors

HB 271 — PUBLIC FINANCE ACCOUNTABILITY ACT

Last action — action postponed indefinitely

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

278 added · 214 removed

Plain-language change summary

The revised version of House Bill 271 includes a new introduction that specifies the document may contain proposed amendments that are either pending or have already been adopted. This change ensures clarity around what the bill currently contains and reflects the ongoing nature of legislative processes. By articulating this, it helps both lawmakers and the public understand that the document may not represent the final version of the bill, which is important for transparency and accountability in government actions.

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HOUSE BILL 271 56TH LEGISLATURE -STATEOFNEWMEXICO- SECOND SESSION , 2024 INTRODUCED BY Linda Serrato and Siah Correa Hemphill 6 8 10 AN ACT RELATING TO CAPITAL EXPENDITURES;
HOUSE BILL 271 56TH LEGISLATURE - STATEOFNEWMEXICO- SECOND SESSION , 2024 INTRODUCED BY Linda Serrato and Siah Correa Hemphill This document may incorporate amendments proposed by a committee, but not yet adopted, as well as amendments that have been adopted during the current legislative session.
ENACTING THE PUBLIC FINANCE ACCOUNTABILITY ACT;
The document is a tool to show amendments in context and cannot be used for the purpose of adding amendments to legislation.
CREATING THE PUBLIC FINANCE ACCOUNTABILITY FUND;
h AN ACT g o RELATING TO CAPITAL EXPENDITURES;
ESTABLISHING FUNDING CRITERIA AND GRANT MANAGEMENT AND OVERSIGHT REQUIREMENTS;
ENACTING THE PUBLIC FINANCE t hr g e i k ACCOUNTABILITY ACT;
ENUMERATING DUTIES OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION;
CREATING THE PUBLIC FINANCE ACCOUNTABILITY h r i s FUND;
ESTABLISHING FUNDING CRITERIA AND GRANT MANAGEMENT AND h , t, OVERSIGHT REQUIREMENTS;
ENUMERATING DUTIES OF THE DEPARTMENT OF e u g e b l e e h FINANCE AND ADMINISTRATION;
e t 17 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
n d d i = = o h l ] b ,d i a º e BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
w l n d 18 SECTION 1.
r i = r t e w d m a n o SECTION 1.
[NEW MATERIAL] SHORT TITLE.--This act may be = = 19 a l cited as the "Public Finance Accountability Act".
[NEW MATERIAL ] SHORT TITLE.--This act may be d m :
i a e r 20 SECTION 2.
b e d s º o t n = .227432.4AIC February 8, 2024 (10:38am) s k m e e a n e d r e l u [ A d cited as the "Public Finance Accountability Act".
[NEW MATERIAL] DEFINITIONS.--As used in the a t m m 21 Public Finance Accountability Act:
SECTION 2.
d r e 22 A.
[NEW MATERIAL ] DEFINITIONS.--As used in the Public Finance Accountability Act:
"annual audit" means the annual audit or c e s k 23 examination of the financial affairs of a grantee required by e a n b 24 Section 12-6-3 NMSA 1978;
A.
u [ B.
"annual audit" means the annual audit or examination of the financial affairs of a grantee required by Section 12-6-3 NMSA 1978;
"department" means the department of finance and .227432.4 administration;
B.
"department" means the department of finance and administration;
"grantee" means an entity to which a state agency grants or considers granting all or a part of a capital outlay appropriation;
"grantee" means an entity to which a state agency grants or considers granting all or a part of a capital h outlay appropriation;
and F.
and g o t hr F.
"state agency" means any department, institution, board, bureau, commission, district or committee of state government and includes every office or officer of a department, an institution, a board, a bureau, a commission, a district or a committee of state government.
"state agency" means any department, g e i k institution, board, bureau, commission, district or committee h r i s of state government and includes every office or officer of a h , t, department, an institution, a board, a bureau, a commission, a e u g e b l e e h district or a committee of state government.
SECTION 3.
n d d i = = o h SECTION 3.
[NEW MATERIAL] PUBLIC FINANCE ACCOUNTABILITY e t 17 FUND.--The "public finance accountability fund" is created in w l n d 18 the state treasury.
[NEW MATERIAL ] PUBLIC FINANCE ACCOUNTABILITY l ] b ,d i a º e FUND.--The "public finance accountability fund" is created in r i = r t e w d m a n o the state treasury.
The fund consists of appropriations, = = 19 a l gifts, grants and donations.
The fund consists of appropriations, d m :
The office of the state auditor i a e r 20 shall administer the fund, and money in the fund is a t m m 21 appropriated to the office of the state auditor to assist d r e 22 grantees in complying with the Audit Act.
b e d s º o t n = .227432.4AIC February 8, 2024 (10:38am) s k m e - 2 - e a n e d r e l u [ A d gifts, grants and donations.
Disbursements from c e s k 23 the fund shall be made by warrant of the secretary of finance e a n b 24 and administration pursuant to vouchers signed by the state u [ auditor or the state auditor's designee.
The office of the state auditor shall administer the fund, and money in the fund is appropriated to the office of the state auditor to assist grantees in complying with the Audit Act.
.227432.4 - 2 - SECTION 4.
Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the state auditor or the state auditor's designee.
[NEW MATERIAL] FUNDING CRITERIA.-- A.
SECTION 4.
[NEW MATERIAL ] FUNDING CRITERIA.-- A.
(2) in the case of a grantee whose most recent annual audit, or special audit released since its most recent annual audit became a public record, documents material weaknesses or significant deficiencies that raise concerns about the grantee's ability to expend grant funds in accordance with applicable law and account for and safeguard grant funds and assets acquired with grant funds:
(2) in the case of a grantee whose most recent annual audit, or special audit released since its most recent annual audit became a public record, documents material h weaknesses or significant deficiencies that raise concerns g o t hr about the grantee's ability to expend grant funds in accordance g e i k with applicable law and account for and safeguard grant funds h r i s and assets acquired with grant funds:
(a) the grantee shall have remedied the material weaknesses and significant deficiencies to the satisfaction of the state agency making the grant;
h , t, (a) the grantee shall have remedied the e u g e b l e e h material weaknesses and significant deficiencies to the n d d i = = o h satisfaction of the state agency making the grant;
e t 17 (b) the state agency making the grant w l n d 18 shall have determined that it can impose and has the resources = = 19 a l to implement special grant conditions that adequately address i a e r 20 the material weaknesses and deficiencies;
l ] b ,d i a º e (b) the state agency making the grant r i = r t e w d m a n o shall have determined that it can impose and has the resources d m :
or a t m m 21 (c) the state agency making the grant d r e 22 shall have determined that another appropriate entity is able c e s k 23 and willing to act as fiscal agent for the grant;
b e d s º o t n = .227432.4AIC February 8, 2024 (10:38am) s k m e - 3 - e a n e d r e l u [ A d to implement special grant conditions that adequately address the material weaknesses and deficiencies;
e a n b 24 (3) in the case of a grantee that is not u [ required to have annual audits conducted pursuant to the Audit .227432.4 - 3 - Act:
or (c) the state agency making the grant shall have determined that another appropriate entity is able and willing to act as fiscal agent for the grant;
(3) in the case of a grantee that is not required to have annual audits conducted pursuant to the Audit Act:
(b) the state agency shall have determined that it can impose and has the resources to implement special grant conditions that will adequately address any relevant deficiencies in the grantee's accounting methods and procedures;
(b) the state agency shall have determined that it can impose and has the resources to implement special grant conditions that will adequately address h any relevant deficiencies in the grantee's accounting methods u » r and procedures;
or (c) the state agency shall have determined that another appropriate entity is able and willing to act as fiscal agent for the grant;
or t h g e l i (c) the state agency shall have h r i s determined that another appropriate entity is able and willing h , e h to act as fiscal agent for the grant;
and (4) the grantee shall be in compliance with any financial reporting requirements, including those e t 17 enumerated in the Audit Act, and shall have a budget for the w l n d 18 current fiscal year approved by any applicable governing body = = 19 a l or oversight agency.
and t u g e b l e e , gh (4) the grantee shall be in compliance with n d d i = = o h any financial reporting requirements, including those l ] b ,d i a º r enumerated in the Audit Act, and shall have a budget for the e r = t e w d m a n o current fiscal year approved by any applicable governing body d m :
i a e r 20 B.
b r e t º o t n = .227432.4AIC February 8, 2024 (10:38am) s k m e - 4 - e a n e d r e l u [ A d or oversight agency.
The department shall require the funding a t m m 21 criteria set forth in Subsection A of this section to be met d r e 22 prior to allowing a state agency to:
B.
c e s k 23 (1) certify to the state board of finance for e a n b 24 the issuance of severance tax bonds for a project;
The department shall require the funding criteria set forth in Subsection A of this section to be met prior to allowing a state agency to:
Show all 61 changed rows (21 more)
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or u [ (2) make a grant to a grantee.
(1) certify to the state board of finance for the issuance of severance tax bonds for a project;
.227432.4 - 4 - SECTION 5.
or (2) make a grant to a grantee.
[NEW MATERIAL] GRANT MANAGEMENT AND OVERSIGHT REQUIREMENTS.--The department shall establish grant management and oversight requirements that, at a minimum, require state agencies to:
SECTION 5.
[NEW MATERIAL ] GRANT MANAGEMENT AND OVERSIGHT REQUIREMENTS.--The department shall establish grant management and oversight requirements that, at a minimum, require state agencies to:
in the event no oversight agency is required to approve of a sale, lease or license of capital assets acquired with capital outlay appropriations granted to a grantee, independently confirm that the disposition of capital assets complies with applicable law and that the grantee is receiving adequate consideration in exchange for the capital assets;
in the event no oversight agency is required to h approve of a sale, lease or license of capital assets acquired g o t hr with capital outlay appropriations granted to a grantee, g e i k independently confirm that the disposition of capital assets h r i s complies with applicable law and that the grantee is receiving h , t, adequate consideration in exchange for the capital assets;
C.
e u g e b l e e h C.
utilize the appropriate capital outlay grant agreement template developed by the department;
utilize the appropriate capital outlay grant n d d i = = o h agreement template developed by the department;
and e t 17 D.
and l ] b ,d i a º e D.
conduct field audits of capital outlay projects, w l n d 18 on a statistical or stratified basis, in accordance with = = 19 a l procedures and policies prescribed by the department.
conduct field audits of capital outlay projects, r i = r t e w d m a n o on a statistical or stratified basis, in accordance with d m :
i a e r 20 SECTION 6.
b e d s º o t n = .227432.4AIC February 8, 2024 (10:38am) s k m e - 5 - e a n e d r e l u [ A d procedures and policies prescribed by the department.
[NEW MATERIAL] DUTIES OF THE DEPARTMENT.--The a t m m 21 department shall:
SECTION 6.
d r e 22 A.
[NEW MATERIAL ] DUTIES OF THE DEPARTMENT.--The department shall:
prescribe procedures, policies and processing c e s k 23 documents to implement the funding criteria and grant e a n b 24 management requirements set forth in Sections 4 and 5 of the u [ Public Finance Accountability Act;
A.
.227432.4 - 5 - B.
prescribe procedures, policies and processing documents to implement the funding criteria and grant management requirements set forth in Sections 4 and 5 of the Public Finance Accountability Act;
B.
SECTION 7.
h HAFCº SECTION 7.
APPROPRIATION.--One million dollars ($1,000,000) is appropriated from the general fund to the public finance accountability fund for expenditure in fiscal year 2025 to support financial reporting for grantees pursuant to the Public Finance Accountability Act that are not in compliance with the Audit Act.
APPROPRIATION.--One million dollars g o t hr ($1,000,000) is appropriated from the general fund to the g e i k public finance accountability fund for expenditure in fiscal h r i s year 2025 to support financial reporting for grantees pursuant h , t, e u g to the Public Finance Accountability Act that are not in e b l e e h compliance with the Audit Act.
Any unexpended or unencumbered balance remaining at the end of fiscal year 2025 shall revert e t 17 to the general fund.
Any unexpended or unencumbered n d d i = = o h balance remaining at the end of fiscal year 2025 shall revert l ] b ,d i a º e r i = r to the general fund.»HAFC t e w d m a n o SECTION HAFCº8.»HAFC HAFCº7.»HAFC EFFECTIVE DATE.--The d m :
w l n d 18 SECTION 8.
b e d s º o t n = .227432.4AIC February 8, 2024 (10:38am) s k m e - 6 - e a n e d r e l u [ A d effective date of the provisions of this act is July 1, 2024.
EFFECTIVE DATE.--The effective date of the = = 19 a l provisions of this act is July 1, 2024.
- 7 - » g o » r h t i k l i g t h s , e h t l i w l b l e e , g n d l h = = b , a l º d i a r e r = , a t e d m a n o d m :
i a e r 20 - 6 - a t m m 21 d r e 22 c e s k 23 e a n b 24 u [ .227432.4
b r e t º o t n = .227432.4AIC February 8, 2024 (10:38am) s k em e e a n e d r e l u [ A d
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Action History

  1. action postponed indefinitely

  2. DO PASS committee report adopted

  3. Sent to Senate Health and Public Affairs Committee

  4. passed House

  5. DO PASS, as amended, committee report adopted

  6. DO PASS committee report adopted

  7. Sent to House Commerce & Economic Development Committee & House Appropriations & Finance Committee

Sponsors

Sponsorship breakdown

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2 sponsors · 0 co-sponsors · 110 not signed on

Sponsors (2)

Co-sponsors (0)

None.

Not signed on (110)

110 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HB 271?
HB 271 is sponsored by Hemphill, Siah Correa and Linda Serrato (Democrat).
What is the current status of HB 271?
This bill died with 2024 Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 271?
Track HB 271 free on One Click Politics — get push/email alerts when it moves.

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