NRS 354.612
Establishment of one or more funds by resolution required

contents of resolution
accounting requirements
copy of resolution to be provided to Department of Taxation
proprietary funds
enterprise funds.

1.

A local government shall establish by resolution one or more funds. The resolution establishing the fund must set forth in detail:

(a)

The object or purpose of the fund;

(b)

The resources to be used to establish the fund;

(c)

The source or sources from which the fund will be replenished;

(d)

The method for controlling expenses and establishing revenues of the fund; and

(e)

The method by which a determination will be made as to whether the balance, reserve or retained earnings of the fund are reasonable and necessary to carry out the purpose of the fund.

2.

Financial statements and other schedules required for funds must be prepared in accordance with generally accepted accounting principles.

3.

Upon adoption of a resolution establishing a fund, a local government shall provide an executed copy of the resolution to the Department of Taxation.

4.

In establishing a proprietary fund, a local government shall, besides furnishing working capital for the fund, provide that one of its financial objectives is to recover the complete costs of operation of the activity being financed, including overhead, without producing any significant amount of profit in the long run.

5.

Each enterprise fund established must account for all charges properly related to the purpose of the enterprise fund, including, without limitation, debt service, capital outlay and operating expenses. Upon dissolution of the enterprise fund, no transfer of equity that may be made available to other funds or functions may be declared until after all proper obligations have been charged against the enterprise fund.

Source: Section 354.612 — Establishment of one or more funds by resolution required; contents of resolution; accounting requirements; copy of resolution to be provided to Department of Taxation; proprietary funds; enterprise funds., https://www.leg.state.nv.us/NRS/NRS-354.html#NRS354Sec612.

354.470
Short title. 354.472
Purposes of Local Government Budget and Finance Act. 354.474
Applicability to local governments 354.475
Exemption of certain special districts from certain requirements of Local Government Budget and Finance Act 354.476
Definitions. 354.479
“Accrual basis” defined. 354.482
“Appropriation” defined. 354.484
“Assets” defined. 354.486
“Audit” defined. 354.492
“Budget” defined. 354.493
“Budget augmentation” defined. 354.496
“Budget year” defined. 354.499
“Capital assets” defined. 354.506
“Contingency account” defined. 354.510
“Debt service fund” defined. 354.516
“Encumbrances” defined. 354.517
“Enterprise fund” defined. 354.520
“Expenditure” defined. 354.523
“Expense” defined. 354.524
“Final budget” defined. 354.526
“Fiscal year” defined. 354.529
“Function” defined. 354.530
“Fund” defined. 354.533
“Fund balance” defined. 354.534
“General fund” defined. 354.535
“General long-term debt” defined. 354.536
“Governing body” defined. 354.543
“Internal service fund” defined. 354.548
“Liabilities” defined. 354.550
“Modified accrual basis” defined. 354.553
“Proprietary fund” defined. 354.557
“Regional facility” defined. 354.560
“Reserve” defined. 354.562
“Revenue” defined. 354.570
“Special revenue fund” defined. 354.571
“Supplemental city-county relief tax” defined. 354.574
“Tax rate” defined. 354.578
“Tentative budget” defined. 354.590
Actions of governing body by resolution or ordinance. 354.592
Publication of notice: Requirements 354.594
Committee on Local Government Finance to determine and advise local governments of regulations, procedures and report forms. 354.596
Tentative budget: Preparation, submission and filing 354.597
Tentative budget and final budget: Reduction of estimate of revenues by amount of taxes ad valorem expected to be delinquent. 354.598
Final budget: Adoption 354.599
Specified source of additional revenue required under certain circumstances when Legislature directs local governmental action requiring additional funding. 354.600
Contents of budget. 354.601
Construction of capital improvement without funding for operation and maintenance included in approved budget prohibited. 354.603
Separate accounts in bank, credit union, savings and loan association or savings bank for school district, county hospital, consolidated library district and district library. 354.604
Funds maintained by local governments. 354.608
Contingency account: Establishment 354.609
Petty cash, imprest or revolving account. 354.612
Establishment of one or more funds by resolution required 354.613
Enterprise funds: Loan or transfer of money in or associated with fund 354.616
Adjustment of expenses and revenues. 354.620
Unencumbered balance of appropriation lapses at end of fiscal year 354.624
Annual audit: Requirements 354.625
Records relating to property and equipment 354.626
Unlawful expenditure of money in excess of amount appropriated 354.4815
“Administrative entity” defined. 354.4817
“Anticipated revenue” defined. 354.4995
“Capital projects fund” defined. 354.5237
“Fiduciary fund” defined. 354.5943
Regulations establishing procedures for transferring function from one local government to another. 354.5945
Capital improvement plan: Preparation and submission 354.5947
Annual report concerning capital improvements owned, leased or operated by local government: Compilation 354.5965
Tentative budget: Inclusion and availability of list of certain contracts. 354.5982
Limitation upon revenue from taxes ad valorem: Authority to exceed pursuant to vote of people 354.5987
Establishment of allowed revenue from taxes ad valorem of certain local governments by Nevada Tax Commission. 354.5989
Limitations on fees for business licenses 354.6015
Fiscal report of local government: Requirements 354.6025
Annual report of indebtedness of local government: Requirement 354.6105
Fund for extraordinary maintenance, repair or improvement of capital projects. 354.6113
Fund for construction of capital projects. 354.6115
Fund to stabilize operation of local government and mitigate effects of natural disaster. 354.6116
Revenue from taxes ad valorem from lessee or user of certain taxable property to be deposited in or transferred to certain funds. 354.6117
Limitation on amount of money transferred to certain funds 354.6118
Interfund loans or loans to other local governments: Public hearing required. 354.6135
Governing body authorized to loan or transfer money from enterprise fund 354.6215
Limitation on use of reserves or balances of funds created to insure risks. 354.6241
Contents of statement provided by local government to auditor 354.6245
Review of annual audits by Department of Taxation 354.6256
Use of proceeds of certain obligations to pay operating expenses prohibited 354.59801
Local government to file copy of final budget and final plan for capital improvements for public inspection. 354.59803
Reporting of expenditures of local government for lobbying activities: Requirements 354.59811
Limitation upon revenue from taxes ad valorem: Calculation. 354.59813
Limitation upon revenue from taxes ad valorem: Levy of additional tax ad valorem for operating purposes under certain circumstances. 354.59815
Limitation upon revenue from taxes ad valorem: Levy of additional tax ad valorem for capital projects without approval of voters. 354.59817
Limitation upon revenue from taxes ad valorem: Levy of additional tax ad valorem for capital projects upon approval of voters. 354.59818
Limitation upon revenue from taxes ad valorem: Levy of additional tax ad valorem for operation of regional facility without approval of voters. 354.59819
Separate fund for revenue used for operation of regional facility. 354.59821
Limitation upon revenue from taxes ad valorem: Forms for submission of ballot question and examples of previous questions to be provided by Committee on Local Government Finance. 354.59874
Adjustment of allowed revenue from taxes ad valorem upon assumption by local government of function or provision of service previously performed by another local government pursuant to agreement between local governments. 354.59875
Calculation and imposition of common levy for unincorporated town 354.59881
Limitations on fees applicable to public utilities: Definitions. 354.59883
Limitations on fees applicable to public utilities: Adoption of ordinance imposing or increasing fee prohibited under certain circumstances. 354.59885
Limitations on fees applicable to public utilities: Submission of certain information by public utility before commencement of service 354.59887
Limitations on fees applicable to public utilities: Rate 354.59888
Limitations on fees applicable to public utilities: Procedure for resolving alleged errors concerning billing of customers of public utility that sells or resells personal wireless services for certain fees or designation of place of primary use. 354.59889
Limitations on fees applicable to public utilities: Change of fees. 354.59891
Limitations on fees for building permits, barricade permits and encroachment permits 354.59893
Advisory committee to review enterprise fund for issuance of building permits, barricade permits and encroachment permits: Establishment 354.598005
Procedures and requirements for augmenting or amending budget. 354.598155
Special ad valorem capital projects fund. 354.598743
Adjustment of allowed revenue from taxes ad valorem upon assumption by local government of function previously performed by another local government that no longer exists. 354.598747
Calculation of amount distributed from Local Government Tax Distribution Account to local government, special district or enterprise district that assumes functions of another local government or district. 354.598812
Limitations on fees applicable to public utilities: “Customer” defined. 354.598813
Limitations on fees applicable to public utilities: “Delinquent amount” defined. 354.598814
Limitations on fees applicable to public utilities: “Fee” defined. 354.598815
Limitations on fees applicable to public utilities: “Jurisdiction” defined. 354.598816
Limitations on fees applicable to public utilities: “Personal wireless service” defined. 354.598817
Limitations on fees applicable to public utilities: “Public utility” defined. 354.598818
Limitations on fees applicable to public utilities: “Revenue” defined. 354.5988165
Limitations on fees applicable to public utilities: “Place of primary use” defined.

Last Updated

Feb. 5, 2021

§ 354.612’s source at nv.us

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Location: https://nevada.public.law/statutes/nrs_354.612

Original Source: Section 354.612 — Establishment of one or more funds by resolution required; contents of resolution; accounting requirements; copy of resolution to be provided to Department of Taxation; proprietary funds; enterprise funds., https://www.leg.state.nv.us/NRS/NRS-354.html#NRS354Sec612 (last accessed Feb. 5, 2021).