Senate Memorial 8 requests the State Auditor to convene a work group to study financial oversight and the causes of deficiency appropriation requests in New Mexico. This initiative arises from concerns regarding the increasing frequency and magnitude of these requests, which have escalated by $137.5 million from 2014 to 2024. The work group will include representatives from various state financial oversight entities and aims to address issues such as lack of justification for requests, noncompliance with budgetary processes, and outdated statutes that do not align with modern fiscal practices.

The memorial emphasizes the need for improved transparency and accountability in the state's financial management. It supports the implementation of recommendations from the State Auditor's Office, which include enhancing collaboration between the Department of Finance and Administration and the Legislative Finance Committee, requiring more detailed documentation for deficiency requests, and reviewing penalties for budget violations. The work group is tasked with drafting legislation that focuses on these reforms, aiming to strengthen budgetary controls and oversight mechanisms to prevent future deficiencies.