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 memorial highlights issues such as inadequate justifications for these requests, noncompliance with existing laws, and outdated statutes that do not address modern fiscal challenges. The work group is tasked with making recommendations to improve transparency, accountability, and compliance in the state's financial management practices.

The memorial emphasizes the need for collaboration between the Department of Finance and Administration and the Legislative Finance Committee to enhance the transparency of deficiency appropriation requests during budget hearings. It also calls for the development of legislation that incorporates the State Auditor's recommendations, focusing on stronger compliance mechanisms and centralized oversight. The work group will include representatives from various state entities to ensure a comprehensive approach to addressing the root causes of deficiency requests and improving the overall budgeting process in New Mexico.