I haven't looked at Albuquerque's CAFR (nearly 100,000 of these things in the U.S. now, and I can't even keep up with the ones in my area), but 1.3 billion sounds like under-reporting. Albuquerque's a fairly large town, isn't it? High priced real estate? The city pension funds, etc., are they factored in?

But then Arizona is WAY ahead the rest of the nation on most political matters, so maybe the oversight is good and the numbers are accurate. Maybe the excess (I think of it as a slush fund) has been kept down or redistributed in the form of lower taxes. Sounds low, though. 1.2 trillion for Manhattan 8 years ago--just seems Albuquerque's numbers should be higher.

You may be more familiar with CAFRs than I am, but trick wording often hides enormous amounts. And in some places you have to go to two separate reports to get the accurate numbers. I heard some guy from New Zealand on a call-in show a while back talk about the problems there, and he mentioned having to get his numbers from two different places. The Reserve Bank of New Zealand:

http://www.rbnz.govt.nz/

and the government's treasury site:

http://www.treasury.govt.nz/financialstatements/

I just happened to go to the sites when I was listening because of the huge discrepancies he mentioned, but I haven't had time to dig around since. As I recall, the difference between what was reported and what is actually in the slush fund was about 1:15. If that's true, the people of NZ are getting royally screwed (and I do mean royally, since they're a commonwealth and that surplus is the queen's money).

Now I can delete those NZ URLs. If you live in NZ, look into this. The expert I heard was talking about tens of billions of dollars being hidden from you.