STATE STATUTES & CODES
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NEW MEXICO STATUTES AND CODES
Section 6-5-10 - State agency reversions; director powers; compliance with federal rules.
6-5-10. State agency reversions; director powers; compliance with federal rules.
A. Except as provided in Subsections B and C of this section, all unreserved undesignated fund balances in reverting funds and accounts as reflected in the central financial reporting and accounting system as of June 30 shall revert by September 30 to the general fund. The division may adjust the reversion within forty-five days of release of the audit report for that fiscal year.
B. The director of the division may modify a reversion required pursuant to Subsection A of this section if the reversion would violate federal law or rules pertaining to supplanting of state funds with federal funds or other applicable federal provisions.