Governor tightens control over capital financing

Posted at: 05/02/2013 4:48 PM | Updated at: 05/02/2013 4:49 PM
By: The Associated Press

SANTA FE, N.M. (AP) - Gov. Susana Martinez's administration is tightening controls over capital improvement financing by requiring that local governments, school districts and others in New Mexico have a current audit before state money is released for a project
    
Martinez issued an executive order on Thursday to ensure that capital project financing goes only to governmental organizations that have completed their annual audits and corrected any problems identified by auditors.
    
The administration developed the new guidelines after reviewing this year's $215 million in capital projects and determining that some were for governmental groups late in submitting financial audits required under current law.
    
Martinez said the audits help "demonstrate an entity's ability to be a good steward" of taxpayer money.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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