New Mexico Statutes
Article 16 - Conservancy Districts; Financial Administration
Section 73-16-28 - Surplus funds and annual reports.

A. Any surplus funds in the treasury of the district may be used for retiring bonds, reducing the rate of assessment or for accomplishing any other of the legitimate objects of the district.
B. At least once a year, or oftener if the court shall so order, the board shall make a report to the court of its proceedings and an accounting of receipts and disbursements to that date, which shall be filed with the clerk. Thereupon the court shall order the auditing of said accounts by competent public accountants, who shall file their reports thereon with the clerk, which audit shall be in lieu of and fulfill all purposes of any audit now required by law for any similar political subdivision of the state.
History: Laws 1927, ch. 45, § 527; C.S. 1929, § 30-527; 1941 Comp., § 77-2927; 1953 Comp., § 75-30-27.
Legislative intent. — The intention of the legislature was to provide for an annual audit for the political subdivision, but did not exempt them from control of the state comptroller (now state auditor). 1953 Op. Att'y Gen. No. 53-5658.
Annual reports, generally. — Conservancy districts should, as other political subdivisions of the state, make the required reports to the office of the state comptroller (now state auditor). 1937 Op. Att'y Gen. No. 37-1800.
Audits, generally. — Any of the political subdivisions of the state has a right under the law to make independent audits or such audits may be made by the office of the state comptroller (now state auditor). It is an audit of this nature to which this section refers. 1937 Op. Att'y Gen. No. 37-1800.
Reference to "any audit". — The exception in Subsection B regarding "any audit now required by law" only refers to former 7-107 NMSA 1941, which was in effect at the time Subsection B was enacted, and not to the Audit Act, which was not enacted until 1969. 1989 Op. Att'y Gen. No. 89-07.

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