The City of Santa Fe’s independent public accountant (IPA) notified the City that the City’s FY2024 external financial statement and compliance audit has been submitted to the New Mexico Office of the State Auditor (OSA) on time on December 16, 2024. The submission of the FY2024 audit marks the fourth audit completed by the City in less than a year and a half.
Finance Director Emily K. Oster said, "Submitting the City’s FY2024 Audit to the State on time is the culmination of years of hard work by hundreds of City employees and our trusted partners with Carr Riggs & Ingram and CliftonLarsonAllen. This team has delivered results for the City time and again. I am beyond grateful for the sustained effort and countless hours of work that went into achieving this milestone. Untimely audits are a thing of the past for the City of Santa Fe."
The completion of four audits on an accelerated timeline shows that internal process improvements, software upgrades, and additional finance personnel have made a difference in how the City meets its audit obligations. It also demonstrates the ongoing progress the City is making in addressing a pattern of late audits that spanned more than 20 years.
The FY2021 audit was submitted on June 30, 2023, followed by the FY2022 audit on December 7, 2023, then the FY2023 audit on May 16, 2024, and now the FY2024 audit on December 16, 2024. Municipalities normally submit one audit in a 12-month period.
“Completing four audits in less than 18 months is a monumental achievement. I’m enormously proud of the work of the whole City team. We owe Finance Director Emily Oster and her team a huge ’thank you’ for this achievement,” said Mayor Webber.
New Mexico State Audit Rule (2.2.2.10.M NMAC) requires the external auditor to hold an exit conference, which was held on December 10th, with representatives of the audited agency’s governing authority and management. During the exit conference, the auditor reviews the scope of the audit engagement, the responsibilities of the auditor, and the responsibilities of management.
Pursuant to the New Mexico State Audit Rule, Section 2.2.2.10.M(3) NMAC, "Agency personnel and the agency’s IPA shall not release information to the public relating to the audit until the audit report is released by the OSA and has become a public record." This confidentiality provision applies to the opinions, findings, and recommendations discussed during the exit conference.
The confidentiality provision does not apply to procedural and timeline updates the City provides to the Governing Body and residents to ensure transparency.
Once the OSA reviews the audit report, it will be officially released by the State Auditor’s Office and will become public record.