ALBUQUERQUE, N.M. — An internal audit of Bernalillo County’s economic development programs concluded that as of February, the county was not adequately monitoring several projects that provide property tax breaks for businesses.
According to the audit report, which was compiled by Albuquerque accounting and business consulting firm REDW, annual reports had not been submitted by companies in four of the 10 projects examined by auditors. The four companies did not have reporting requirements in their agreements with the county.
REDW characterized the potential risk as “high” and recommended the county evaluate agreements on all current projects.
“There may be a risk that the county is not receiving the level of economic benefits agreed to in the application,” REDW wrote in the audit. “In addition, clawback provisions may be applicable and not caught without proper monitoring procedures in place.”
The county’s Economic Development Department, which oversees the programs, said in an email…
