At the close of any calendar year, should the actual revenues exceed the estimated budget estimates of expenses as finally approved and certified, the excess money shall be applied on the budget estimate for the next succeeding year, except as provided in Section 6-6-19 NMSA 1978. History: Laws 1921, ch. 188, § 6; C.S. 1929, § 33-5906; 1941 Comp., § 15-4806; 1953 Comp., § 15-51-6; 1989, ch. 276, § 1. ANNOTATIONSCross references. — For powers and duties of local governmental bodies and local government division of state department of finance and administration with respect to financial affairs of local public bodies, see 6-6-1 NMSA 1978 et seq. For finances of counties, municipalities and school districts generally, see 6-6-7 NMSA 1978 et seq. Funds accumulated for remote contingencies or investment. — Counties may not accumulate funds as an unreserved general fund balance, for a remote contingency, or for the sole purpose of investment. They must apply excess funds in such categories to the following year's budget estimate. Counties, however, may designate or reserve excess funds for reasonably foreseeable contingencies or capital projects. 1988 Op. Att'y Gen. No. 88-56.
New Mexico Legal Code