New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 2 - AUDITS OF GOVERNMENTAL ENTITIES
Part 3 - BUDGET CERTIFICATION OF LOCAL PUBLIC BODIES
Section 2.2.3.7 - DEFINITIONS

A. "Account" means a double entry bookkeeping of assets, liabilities, income and expenses with debit and credit entries on ledger pages or other media which are posted to record a change(s) in value.

B. "Conditional budget certification" means the certification of the budget of a local public body but with specified conditions requiring compliance by the local public body in order to receive budget certification and means that the local public body is operating without final budget certification, as defined by Subsection F of 2.2.3.7 NMAC.

C. "Deficit" means any fund where its budget or financial reports reflect more expenditures than revenues and cash balances available to legally pay for them.

D. "Emergency" means a natural or man made event that poses an immediate danger or threat to public health, welfare and safety.

E. "Extenuating circumstances" means documented situations, conditions or events that hinder or delay a local public body from complying with the local government division's requirements and timelines for submitting budgets, financial reports and audits.

F. "Final budget certification" means budget approval by a local government division official in accordance with Section 6-6-2 NMSA 1978.

G. "Fund" means a group of related accounts that are self balancing within their group as defined by the government accounting standards board (GASB). A fund is not an account.

H. "Local government division" is the division of the state of New Mexico department of finance and administration with budgetary and fiscal oversight responsibilities and authority over local public bodies.

I. "Local government division official" means any employee or public officer of the local government division of the New Mexico department of finance and administration.

J. "Local public body" means every political subdivision of the state which expends public money from whatever source derived, including but not limited to any county, incorporated municipality, or special district, land grants registered with the New Mexico secretary of state's office. Also under the definition are mutual domestic water associations, soil and water conservation districts, water and sanitation districts, watersheds, draws, medical clinics, hospitals, hospital districts, regional transportation districts, flood control authorities, natural gas associations, public improvement districts, and regional housing authority districts if required by the audit rule.