AUDIT ACT CHANGES

SB 511 restructures New Mexico's audit requirements by adjusting revenue thresholds for local public bodies. It raises the annual revenue exemption from $50,000 to $100,000 for entities like small towns and water associations, while creating tiered audit rules for those above $10,000 in revenue (e.g., $50,000-$250,000 requires simplified reports, $250,000+ needs full financial compilations). The bill also mandates a statewide federal single audit starting in 2028 to comply with federal requirements. These changes directly affect counties, municipalities, school districts, and special districts that receive public funds.