In the heart of Sandoval County, a pivotal government meeting unfolded, shedding light on significant changes in financial operations as the county gears up for the 2025 tax season. The atmosphere was charged with anticipation as officials discussed the implications of a recent acquisition that could reshape how taxpayer payments are processed.

The meeting revealed that New Mexico Bank and Trust, the county's long-time banking partner, has been acquired by UMB Bank, leading to the closure of their Albuquerque lockbox facility. This change raised several concerns among county officials, particularly regarding compliance with state statutes that mandate county funds be deposited within local institutions. The prospect of opening an out-of-state checking account in Missouri and the potential for taxpayer checks to leave New Mexico sparked a sense of urgency among the staff.

In response to these challenges, county representatives engaged in discussions with New Mexico Bank and Trust, ultimately deciding to seek alternative lockbox services. After thorough research, they identified Bank of Albuquerque as the sole in-state option that met their criteria. The procurement process was swiftly completed, resulting in a service agreement valued at $13,497.02 for the upcoming tax season.

As the meeting progressed, officials also shared updates on the county's financial health. The general fund balance stood at an impressive $50.9 million, with total balances across various accounts reaching $62.1 million. These figures reflect a robust financial position, despite a slight dip in gross receipts tax distributions from the state compared to the previous year.

The meeting concluded with a report on tax collection efforts, highlighting a commendable 97.27% collection rate for the 2024 tax roll. This achievement underscores the county's commitment to efficient financial management and responsiveness to taxpayer needs.

As Sandoval County prepares for the upcoming tax season, the transition to Bank of Albuquerque for lockbox services marks a significant step in ensuring compliance and maintaining local financial integrity. The discussions held during this meeting not only addressed immediate concerns but also set the stage for a more streamlined and effective approach to managing taxpayer funds in the future.