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Monday, March 16, 2009

NM State Auditor Balderas Announces Audit Status on Existing TIDDs

HectorBalderasState Auditor Hector Balderas announced in a statement released today that the Mesa del Sol Tax Increment Development District (TIDD) is required to submit annual financial audits for 2008 and 2009 because it began receiving public funding in January 2008. The State Auditor based his determination on information from the State Board of Finance and the Legislative Finance Committee. Sun Cal, Downtown Las Cruces, and the Winrock/Quorum TIDDs have not received any public funding but have been notified of their responsibility to conduct annual audits once funding is received.

“The four TIDDS have been notified that they will be required to provide annual audits to my office once they begin receiving any government funding,” Balderas said in a written statement. “Local, county, and state governments have made substantial investments in these projects and it’s my responsibility to ensure that taxpayer dollars are accounted for at every level.”

According to state law, a TIDD is a political subdivision. Under the Audit Act, a political subdivision of the state is required to conduct an annual financial audit if the political subdivision receives or expends public money from whatever source derived. Mesa Del Sol is required to select an independent public accountant by June 1, 2009 in accordance with State Auditor regulations.

March 16, 2009 at 02:23 PM in Government, Land Issues, Real Estate Development | Permalink

Comments

Why did the state senators vote yes for the tidds for suncal??
How could they give our tax dollars away to a company that has proven to be incapable. I guess it is all those high paid lobbyists walking the roundhouse, paying favor in some form or another. It still blows my mind!

It is like seeing AIG getting our tax dollars and paying them out as bonuses. When will it stop people????

Posted by: mary ellen | Mar 16, 2009 7:37:14 PM