NM Agency Takes Out $458,000 Loan To Complete Audit

A financial regulatory agency in New Mexico took out a $458,000 emergency loan from another state agency to continue an audit of a failed Farmington business.

The Farmington Daily Times reports that the Financial Institutions Division got the loan because a funding shortfall became apparent after the Legislature appropriated money to agencies for the fiscal year.

The loan was approved on June 21 by the state Board of Finance, which provides emergency funding to state government agencies.

The Regulation and Licensing Department may request an appropriation from the Legislature during its next session to repay the loan.

Auditors are expected to turn over their report about the firm to law enforcement officials in November or December.

___

Information from: The Daily Times, http://www.daily-times.com

Copyright 2012 The Associated Press.