Click here for the Confirmation of Cash Schedule
The New Mexico State Treasurer’s Office (STO) is providing this letter to facilitate a June 30, 2020, confirmation of each agency’s
interest in the State General Fund Investment Pool (SGFIP) for accounting periods 0 through 12. The balances will not be
changed to reflect activity in period 998. The objective of the confirmation process is to provide an independent review.
Business process changes enacted through the continuation of the DFA/DoIT Cash Remediation Project 2 have resulted in
significant improvements to the timeliness of accounting entries for disbursements, with warrants for all remediated agencies
now being processed through SHARE A/P. Additionally, agencies using third-party processors to generate ACH payments are
providing transaction-level detail to A/P at approximately the same time that the ACH origination files are transmitted to the
fiscal agent bank. STO confirms that each agency’s interest in the SGFIP is stated correctly in all material respects.
STO’s internal controls over confirming interest in the SGFIP are designed to assess the data integrity of the underlying material
cash transaction classes and corresponding cash balances. The agency interest in or claim to the SGFIP is tracked by the SHARE
GIL, which is maintained by DFA. Your client’s accounting practices should be designed and fully complied with to ensure
legitimacy of claims on the SGFIP and completeness of all required entries. DFA performs a reconciliation of the funds held by
STO to the agency claims to ensure that the funds held by STO are adequate to fund the claims. As of June 30, 2020, the funds
held by STO total $6.4 billion, which equals the aggregate agency claims plus in-transit items. The detail of individual agency
balances is provided in this schedule.
The agency balances being confirmed are reliant upon the accuracy of the associated general ledger accounting, and while
processes and systems are in place to minimize the likelihood of a material misstatement, STO cannot assess the adequacy of the
associated internal controls over financial reporting at the DFA level or the agency level.
If you have any questions, please feel free to contact Charmaine Cook, State Cash Manager, at 505.480.7259 (voice) or email Charmaine.Cook@state.nm.us.