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 the need for modernized fiscal practices. It emphasizes the importance of transparency and accountability in budget management and suggests that the Department of Finance and Administration and the Legislative Finance Committee collaborate to improve the process.

The work group is tasked with drafting legislation that addresses the recommendations from the State Auditor's office, focusing on enhancing transparency during budget hearings, implementing stronger compliance mechanisms, and establishing a more centralized oversight function within the Department of Finance and Administration. The memorial encourages a comprehensive review of current laws and practices related to budget adjustments and oversight to strengthen the state's budgeting process and ensure legal compliance. Copies of the memorial will be transmitted to key state officials to facilitate the proposed reforms.