SANTA FE (AP) – New Mexico’s state auditor has found $4.4 billion in unspent funds tucked away in hundreds of agency accounts.
The report released Friday by State Auditor Tim Keller looked at fund balances as of July 1, 2015, and seeks to identify money that is sitting unnecessarily idle when it might otherwise be used to stimulate the economy and employment.
The 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.
Agencies with the largest accumulated balances are the New Mexico Finance Authority, Environment Department, Department of Transportation, Mortgage Finance Authority and Department of Workforce Solutions. Most of the unspent funds already had been designated for specific purposes.