DALLAS - New Mexico State Auditor Tim Keller has identified about $4.5 billion in 737 different accounts that have been allocated but not spent by state agencies.
Some of the accounts holding the funds include those designated for debt service, special reserves, capital projects, proprietary funds and permanent funds.
Keller said the purpose of the report was simply to identify where state money could be found without suggesting how it should be used.
"The report identified funds that are sitting on the sidelines in our state agencies," Keller said. "As our state copes with revenue shortfalls and ever-increasing public spending needs for infrastructure and education, it is critical that every dollar possible be utilized. Our aim is to bring transparency to this important fiscal information in an effort to inform the Governor, the public and policymakers about the status of state resources."
The state maintained almost $2 billion in fiscal year 2014 unspent funds designated for infrastructure purposes. The funds are broken into capital project funds and proprietary restricted funds.
The state maintained over $338 million in debt service funds in fiscal year 2014, including $221 million for severance tax and general obligation bonds, Keller reported.
House Appropriations and Finance Committee Chairman Larry Larrañaga, R-Albuquerque, said carryovers of unspent dollars are common.
"Funds are not always used in the same year they're authorized," he noted.
The report came as the Legislature worked to complete a $6.2 billion budget by the March 21 deadline. The spending measure won approval in the House and is awaiting final Senate action.
