A. The department of finance and administration shall not approve the budget of any governmental entity which has failed to budget sufficient revenues to pay unemployment compensation benefits as required by the Unemployment Compensation Law.
B. The risk management division of the general services department annually on or before April 15 shall prescribe schedules of minimum rates per employee to be budgeted by governmental entities for the succeeding fiscal year. Rate schedules prescribed by the risk management division shall take into account the prior experience of the governmental entity, the amount of reserves the governmental entity has on deposit with the department of finance and administration or in a separate account earmarked for the payment of unemployment compensation claims and, if the governmental entity participates in the state government unemployment compensation reserve fund or the local public body unemployment compensation reserve fund, the balance in the fund.
History: 1953 Comp., § 59-9-7.8, enacted by Laws 1977, ch. 227, § 4; 1978, ch. 131, § 3; 1983, ch. 301, § 79.
ANNOTATIONSCross references. — For applicability of provisions to government entities, see 51-1-47 NMSA 1978.