As political subdivisions of the state, acequias are required to comply with the Audit Act, which includes the Tiered Reporting System for any entities with under $750,000 in annual revenue. Additionally, acequias are required to comply with budget reporting through DFA Local Government Division if annual revenues are over $10,000.
- For Tier 1 (under $10,000) and Tier 2 (under $50,000), all acequias are required to complete a Certification Form online on the OSA website
Acequias in Tier 3 and above (those acequias with $50,000 or over or Capital Outlay expenditures), are required to contract with an Independent Public Accountant (IPA) to complete a financial report.
- For acequias with a fiscal year end of December 30, 2016, the deadline to submit your reports to the State Auditor is May 30, 2017 (five months after the end of the fiscal year).
Many acequias must also comply with the state budget and reporting requirements, which arise primarily from the Local Government Finances statute, Sections 6-6-1 through 6-6-19, NMSA 1978, and the Budget Certification Rule, 2.2.3 NMAC. The Budget Certification Rule is issued by DFA and is available at http://www.nmcpr.state.nm.us/
NMAC/parts/title02/02.002. 0003.htmAcequias with annual revenues of less than $10,000 per year are exempt from the state budget and reporting requirements.
- DFA is accepting submissions online or in a paper format. The template forms are on the DFA website –
For acequias with a fiscal year start of January 1
- Interim or draft budget are due December 1 in anticipation of the following year.
- Final budget was due January 31st.
- Fourth Quarter Budget Report and Resolution due January 31st
- Quarterly reports are due 30 days after the end quarter.