Financial & Other Oversight
Financial & Other Oversight
Per state law, the State Board of Finance has general supervision of the fiscal affairs of the state and of the safekeeping and depositing of all money and securities belonging to or in custody of the state.
Investments of Funds
The Board provides oversight and approves investment policies established by the State Treasurer’s Office. Additionally, in its role of oversight of institutions permitted to transact with state funds, it approves proposed broker-dealers the State Treasurer’s Office intends to transact with.
The State Treasurer’s Office complies with various statutory requirements for reporting via its monthly State Treasurer’s Investment Council (STIC) reports. This includes but is not limited to risk assessments of depository bank collateral levels, investment policy compliance, and reporting of all depository banks.
Collateral
State law requires designed depository institutions to enter written collateral agreements with the State Treasurer’s Office ensuring pledged collateral remains secure. The State Board of Finance division is a party to all depository and custodial agreements with banks.
The Board also establishes the list of approved collateral types via administrative rule.
NMAC 2.60.4
Depository Bank Requirements, Collateral Level Requirements, and Custodial Bank Requirements
Treasury
The Board designates a fiscal agent and custody bank for state funds. The division procures and manages the State Fiscal Agent and treasury-related contracts as well as the State’s custody bank services. The State’s current fiscal agent bank is Wells Fargo. The State’s Custody Bank is JP Morgan.
Fiscal Agent and Custody Bank Fees Reports
Interest Rates Of States Deposits
The State Board of Finance is explicitly responsible for setting the interest rate of deposits of public money. The rates are set annually at the Board’s January meeting. This authority is part of its broader responsibility for supervising the fiscal affairs of the state.*
* Exceptions include public money in the custody of the state treasurer, institutions of higher education, technical and vocational institutes, incorporated municipalities and counties that have adopted home rule charters as authorized by the constitution of New Mexico, and local school boards that have been designated as boards of finance.
Audit Review
Pursuant to 12-6-15 NMSA 1978 (Audit Act), the Board reviews the audits of PERA, ERB, SIC, and the State Treasurer’s Office.
Annual Audit Subcommittee Report
FY24 Audit Subcommittee Memo (Aug 2025)
* Exceptions include public money in the custody of the state treasurer, institutions of higher education, technical and vocational institutes, incorporated municipalities and counties that have adopted home rule charters as authorized by the constitution of New Mexico, and local school boards that have been designated as boards of finance.
General Services Department Oversight
The Board approves the schedule of repairs of the General Services Department (GSD) Capital Buildings and Repair Fund. GSD provides monthly reporting to the Board on the Capital Buildings and Repair Fund as well as the financial status of legislative capital projects managed by GSD and reports twice a year on the State’s inventory of buildings and conditions.
Schedule of Repairs
GSD CBRF Schedule of Repairs June 2026
Inventory of Buildings
GSD Building Inventory Report June 2026
Statutory References: Section 15-3B-17 NMSA 1978; Sections 15-3B-1 through 15-3B-16 NMSA 1978
Capital Buildings and Repair Fund Reports
Legislative Capital Projects Financial Status Reports
Joint Powers Agreements
The Board is required to report on any Joint Powers Agreements approved by the Department of Finance and Administration. The Board receives a monthly report on all executed JPAs.
Joint Powers Agreements
* Agreements reported reflect approved JPAs from the previous month.
Gross Receipt Tax Increment Dedication Reporting
All Tax Increment Development Districts that receive a dedication of state gross receipts tax increment are required to report to the Board annually.
Summary of Tax Increment Development District Annual Reporting FY2025
PURSUANT TO 2.61.3.10.D NMAC AND 5-15-29NMSA 1978, SECTION 5-15-29
Summary of Tax Increment Development District Annual Reporting FY2024
PURSUANT TO 2.61.3.10.D NMAC AND 5-15-29NMSA 1978, SECTION 5-15-29
Summary of Tax Increment Development District Annual Reporting FY2023
PURSUANT TO 2.61.3.10.D NMAC AND 5-15-29NMSA 1978, SECTION 5-15-29