New Mexico State Treasurer’s Office

Budget and Finance

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Budget and Finance Division

David Mahooty, Chief Financial Officer 505.955.1189

The Budget and Finance Division manages the annual budget, accounts payable, procurement, professional contracts, fixed asset inventory, and all financial accounting and reporting activities for the State Treasurer’s Office.

It is the responsibility of the Budget and Finance Division to reconcile and post operating, investment, and long-term debt fund activity in the State Treasurer’s Office’s general ledger (financial statements), and to coordinate the annual financial audit. The division must comply with State laws and various regulations and accounting standards that govern its activities.

Chief Financial Officer

The State Treasurer’s Chief Financial Officer (CFO) serves as the Budget and Finance Division Director. The CFO is responsible for establishing strong budgetary controls and ensuring financial transactions and reporting activities are in compliance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB) rules. This function requires that transactions are recorded and posted in the proper category and that cash account records are reconciled in a timely manner with reports to the State Treasurer on a monthly basis.

The CFO is responsible for ensuring that budget and accounting systems function properly and that appropriation requests, operating budget, and quarterly performance reporting documents are submitted on time. In addition, the CFO coordinates the annual external audit work between the State Treasurer’s Office and the independent public accounting firm, and is responsible for having the audit reports completed by the deadline. This position oversees procurement of goods and services and assures that payments to vendors are completed in compliance with the State procurement law.

Finance Bureau

The Finance Bureau is charged with the following responsibilities:

Reconciliation and preparation of financial statements and treasury transaction postings to the general ledger. The Finance Bureau coordinates information required by the independent public accounting firm that performs the annual external audit.

Procurement of supplies, furniture, equipment, and services for the State Treasurer’s Office. This requires that the Chief Procurement Officer (CPO) comply with the State’s procurement laws and ensures that contracts are complete and accurate. This unit is responsible for identifying fixed assets for the agency and maintaining the fixed asset inventory. This unit is also responsible for the distribution and control of supplies and equipment for the office.

Contract management ensures that requests for proposals (RFPs) and service contracts are prepared in compliance with statutes, rules, and policies, and that vendor payments for completed services are timely. This unit also enters contract transactions into the general ledger and subsequently closes them out in accordance with the agreement and all applicable regulations.

Accounts payable to receive and process invoices for goods and services rendered. This includes the pre-audit of costs in accordance with the contract or purchasing agreement prior to payment. Accounts payable submits payment requests to the Department of Finance and Administration (DFA); upon receipt of the payment, the warrant is reviewed for accuracy prior to release to the vendor.

Records management for internal and external storage of required documents in accordance with the New Mexico Public Records Act. When records are received for storage, the contents are verified and labels prepared by the division and either stored at the State Treasurer’s Office or transferred to the State Records Center and Archives for retention and disposal as mandated by the State Treasurer’s Office records retention schedule. All documents generated within the division are digitized and categorized for more controlled document retention and retrieval.

Budget Bureau

The Budget Bureau compiles and evaluates annual budget needs for each division within the State Treasurer’s Office. Proper justification and documentation are required for all budget requests. Once division budget requests are approved by the State Treasurer, the appropriation request is submitted to the Department of Finance and Administration and the Legislative Finance Committee for consideration by the Legislature and the Governor. When the appropriations act is passed by the Legislature and signed by the Governor, the Budget Bureau prepares the operating budget for the upcoming fiscal year. Throughout the fiscal year, the Budget Bureau submits monthly status reports to the State Treasurer to ensure that the office is operating within budget guidelines.

Investment Accounting Bureau

The Investment Accounting Bureau makes all scheduled debt service payments to the designated paying agents on general obligation bonds, severance tax bonds, and supplemental severance tax bonds. The bureau tracks investment income to ensure compliance with arbitrage restrictions and rebate requirements in accordance with the Federal Tax Reform Act of 1986. The bureau reconciles all investment activity. All certificates of deposits (CDs) and New Mexico gaming revenue is managed by the bureau.

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