SANTA FE, N.M. (AP) — New Mexico's state auditor has found $4.4 billion in unspent funds tucked away in hundreds of agency accounts.
State Auditor Tim Keller announced the findings Friday as the Legislature scours state accounts for unspent cash to make up for plunging state revenue forecasts linked to low crude oil prices and lower-than-expected sales tax receipts.
The Office of the State Auditor examined fund balances as of July 1, 2015, seeking to identify money that is sitting unnecessarily idle when it might otherwise be used to stimulate the economy and employment.
The idle funds cited in the report do not include employee salaries, operating costs or retirement and permanent trust funds. A report from the previous year found $4.2 billion in unspent funds.