Title
State Approval of County Budget
Body
Local budgets approved by the Local Government Division of the New Mexico Department of Finance and Administration (DFA) are required by State Statute to be made a part of the minutes of that local body. Therefore, the letter with the approved budget from DFA is being provided here so that it may be incorporated into the minutes. The total budgeted expenditures approved by DFA changed to $200,916,547, which is $187 higher than the total expenditures that County Council approved for FY2018 during the budget hearings in April. This was due to a change in the Law Enforcement Protection Fund funding from the State. Additionally, transfers from the General Fund were increased by $48,333 and transfers from the State Shared Revenues Fund were decreased by $48,333. This change ensures that the County is in compliance with the DFA requirement to maintain a cash reserve in the Road Fund equal to 1/12th of expenditures. No further Council action is required.
Attachments
A - State Budget Approval Letter FY2018