The State of New Mexico is set to take oversight of Santa Fe's finances due to millions of dollars of missing funds. 

According to KOB 4 News, due to the City of Santa Fe failing to reconcile roughly $4 - 5 million in missing funds, the state is stepping in to take over the city's finances. This caused a national auditing firm that was previously providing oversight for the city to step away from the situation and allow the state to take over.

"We are so deeply concerned that the City of Santa Fe's financial house is in disarray that we are coming in to provide a backstop, and brought oversight and to try and get them from where they are, to where they need to be, which is being in a position to be able to present for an audit," New Mexico auditor Brian Colón told KOB 4 News. 

The New Mexico state auditor says the city's financial system is broken and in dire need of repair before some disaster takes place. Colón says the problem is that the city has no checkbook which keeps track of finances so it can be nearly impossible to track expenses.

Colón says people are asking questions about if this incompetence or more nefarious, and he says they can't even address those questions because they have no information to even tell what happened

According to Colón, the state will now work to create a plan to address the city's financial situation and complete the audit.