New Mexico is tardy with fiscal year 2020 financial report

Timely information is crucial during government decision processes like budgeting. However, most states issue their Comprehensive Annual Financial Reports (CAFR) long after their fiscal year’s end. Several states have still not issued their 2020 annual financial reports even though their fiscal years ended more than 300 days ago. These states include Arizona, California, Illinois, Iowa, Nevada, New Mexico. These states all share June 30, 2020 fiscal year ends.

In 2019, the national average for states publishing their financial reports was 187 days after the fiscal year’s end. According to the GFOA, states that publish their financial reports within 180 days of their respective fiscal year ends are considered timely.

Most corporate financial reports are issued within 45 days of their respective fiscal year ends. Many question why states cannot meet his goal. There are internal difficulties and obstacles for states to reach this standard; however, timely financial information is critical for citizens and legislators to be knowledgeable participants in this crucial decision-making process.

The COVID-19 pandemic has caused some uncertainty within state governments, but 44 other states have managed to produce their annual financial reports for fiscal year 2020. Alabama, Michigan, and Texas, furthermore, have issued their fiscal year 2020 financial reports even though they have later fiscal year ends (9/30/20, 9/30/20, and 8/31/20 respectively).