Sandoval County treasurer reports staff vacancy, expanded junior treasurer program and March tax-auction proceeds

Sandoval County Treasurer Taylor reported staffing, program and operational updates to the Board of Finance, including a vacancy in the tax-researcher ranks, an expanded junior treasurer program for high school students, and the results of a March delinquent-tax auction.

Taylor told the board the treasurer's office has one job vacancy: a tax researcher position that opened when an employee was promoted into the vault. "We have the vacancy posted on the website, and we hope to begin the interview process now that second half collections has concluded," Taylor said.

The treasurer described the junior County Treasurer program, which this year will be offered as an elective for selected high school juniors and seniors in Sandoval County. The program has been expanded to allow four students (up from two in prior years). Applications and essays were due by Friday, May 16; the treasurer reported receiving 12 applications as of the meeting.

On the March 26 delinquent-property tax auction administered on behalf of the state Property Tax Division, the treasurer said roughly 50 accounts were initially listed; the office sold 114 accounts at auction, 84 bidders attended and the county collected $415,700 to pay off taxes and fees. The auction took place at the Bernalillo Recreation Center. Taylor thanked Mayor Jack Torres and Mike Kleppel, director of the Bernalillo Recreation Center, for assistance with the venue. Any excess proceeds will be turned over to the delinquent property owners as required by law. The treasurer said the next auction had been rescheduled from June/July to August and will be a two-day auction expected to include about 200 accounts.

Taylor also reported on bank collateral and balances: the county renewed a six-month letter of credit through New Mexico Bank & Trust for $100 million, with an additional $20 million added effective May 7 and valid through May 30; the general fund balance reported in packets was about $43.8 million and the tax payment account about $66.0 million, with total county account balances reported around $117.5 million. Other institution balances included a Wells Fargo account of about $50,200; a Hemez Valley Credit Union account around $151,500; and Century Bank holdings of about $3.8 million. Taylor said staff is monitoring approaching collateralization thresholds and will request additional collateralization if needed.

On debt and receipts, Treasury Operations Manager Holly Aguilar reported the county is near payoff of a 2013 landfill project loan and expects to apply reserves toward the final payment once the payment is processed by the New Mexico Finance Authority. As of March 31, the county was 61.44% collected on the 2024 tax roll; ten-year collection average was 94.26%. Gross receipts tax receipts for the last quarter totaled about $6.6 million, with $19.7 million year-to-date. Aguilar noted gross receipts continue to exceed FY22-23 but are below last year's level amid a decline in construction at Intel.

Taylor said interest earned on New Mexico Bank & Trust accounts since January 2025 totaled approximately $869,600 at a rate near 3.75% and that $8 million of ARPA funds had been returned to the general fund with $6 million remaining to be transferred out of investments before fiscal-year end.

Taylor and staff said they will provide additional collection and auction updates at future board meetings.