SANTA FE – Today the City of Santa Fe’s independent public accountant (IPA) notified the City that the City’s FY2023 external financial statement and compliance audit has been submitted to the New Mexico Office of the State Auditor (OSA).

This is the third City of Santa Fe audit submitted in the past ten and a half months. The FY2021 audit was submitted on June 30, 2023, followed by the FY2022 audit on December 7, 2023, and now the FY2024 audit on May 15, 2024. Municipalities normally submit one audit in a 12-month period.

The completion of three 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.

“Completing three audits in less than 11 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 May 14, 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.

Finance Director Emily K. Oster said, "I am so proud of this accomplishment. Submitting the FY2023 audit is the result of countless hours of hard work by our dedicated team of City employees and trusted partners. This is a major milestone and a big step forward for the City’s financial reporting."

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 the procedural and timeline updates the City has been providing 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.