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In 1851, the Legislative Assembly of the Territory of New Mexico passed an act that created the Office of the Territorial Treasurer and defined the powers and duties of the Treasurer. With statehood in 1912, Article V of the State Constitution created the Office of the State Treasurer and recognized the State Treasurer as one of the elected officials constituting the executive department of state government.
While the Governor is the chief executive officer, under New Mexico’s plural executive, the other elected members of the executive branch share the responsibility for administering state government. The State Treasurer serves as the elected chief banking officer of the state and is entrusted with keeping, investing, and disbursing all state money, unless otherwise provided by law. Additionally, the State Treasurer is charged with a variety of other duties directed toward ensuring prudent management of the state’s financial resources as set forth in various sections of the statutes.
NEW MEXICO STATE TREASURERS
STATUTORY AUTHORITY
The Office of the State Treasurer was established in 1911 by Article V Section 1 of the New Mexico Constitution, and later amended. The Treasurer’s duties and functions are principally defined by chapters 6 and 8 of the New Mexico Statutes Annotated 1978 (NMSA 1978). The articles require the Treasurer to act as the state’s banker to receive, keep, and account for state funds collected and disbursed, and define the Treasurer’s banking, cash management, and investment roles. Other sections define the Treasurer’s authority (shared with the State Investment Council, the State Board of Finance, and some specialized agencies such as the Public Employees Retirement Association and the Educational Retirement Board) to invest state funds. The Treasurer also serves on these governing bodies overseeing their investment activities.
Sections 8-6-1 through 8-6-7 NMSA 1978 specify administrative and procedural requirements and define certain duties of the Treasurer. Section 8-6-3 stipulates that, among his other responsibilities, the Treasurer shall “receive and keep all moneys of the state, except when otherwise specially provided” and “disburse the public money upon warrants drawn according to law.” It also provides that he shall “keep a just, true and comprehensive account of all moneys received and disbursed.”
An important addition to the Treasurer’s responsibilities occurred with the enactment of Laws 1993, Chapter 105, (codified as Section 8-6-3.1 NMSA 1978), establishing the Office of the State Cash Manager within the Office of the State Treasurer and defining its powers and duties. The State Cash Management Act conferred on the State Cash Manager, and, thereby, on the Treasurer, significant authority to ensure the efficient management of state funds.
Section 6-1-13 NMSA 1978 provides that the State Treasurer shall authorize all deposit accounts for state agencies and prescribe conditions and reports appropriate to such accounts.
Section 6-10-10 NMSA 1978, in part, permits the State Treasurer to deposit funds in certain financial institutions and to invest, in certain allowable securities and contracts, money not immediately required for the operation of state government.
Section 6-10-10.1 NMSA 1978 creates the short-term investment fund as an optional investment opportunity for local governments and Native American tribes and pueblos, and provides for its investment, either separately or consolidated with other funds, by the State Treasurer.
Sections 6-10-24.1, 6-10-26, and 6-10-29 NMSA 1978 place conditions on the deposit and investment of state funds in New Mexico financial institutions; provide for reports from the Treasurer concerning money on deposit in state depositories to include the amount required for operation of state government and the amount available for investment; and require depositories to submit an itemized monthly statement concerning the deposit to the Treasurer.
Section 6-10-28 NMSA 1978 allows the State Treasurer, upon approval from the State Board of Finance, to invest the proceeds of general obligation and state revenue bonds.
Section 22-18-13 NMSA 1978 allows the State Treasurer to provide for payment of principal and interest due on outstanding school district general obligation indebtedness in the event a payment is not made by the school district, and to collect the payment from the school district on whose behalf the payment is made.
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