NEW MEXICO OFFICE OF RECOVERY AND REINVESTMENT INITIATIVES
Overview of Initiatives
The New Mexico Office of Recovery and Reinvestment has launched several projects aimed at making sure Recovery Act funds flow to New Mexico communities as soon as possible – and without fraud, waste or abuse. Initiatives described here show some of the behind the scenes work necessary to oversee the historic opportunities presented by the Recovery Act.
CASH MANAGEMENT
Recovery Act funds are on a cost reimbursement basis – which means that state agencies must first spend the money, and then seek reimbursement from the federal government. With more than $2.5 billion expected to flow through state agencies, this can have a major impact on the New Mexico General Fund. With this in mind, the New Mexico Office of Recovery and Reinvestment has undertaken an effort to develop detailed cash management plans with each state agency that receives Recovery Act funds that minimizes the negative cash impact on the state General Fund. The Office of Recovery and Reinvestment has issued guidance to state agencies and cash management plans are in place.
Cash Management Plan Samples
SPEND IT NOW
Concern has been expressed at the national level that Recovery Act money is not being spent fast enough. The New Mexico Office of Recovery and Reinvestment is working with state agencies to develop and monitor “Spend It Now” plans for Recovery Act funds.
This effort aims to ensure that Recovery Act funds are spent in a timely manner, and that efficiencies for state programs are maximized. The goal of this effort is to get Recovery Act funds on the street as soon as possible, while assuring program objectives are met.
Many construction projects are underway across the state.
