Many residents mistakenly believe that the District’s financial transactions and reporting are “top notch” because year-after-year we receive “clean audits.” However, by abdicating to our staff (the very people being audited), its responsibility to provide independent “assurance” that the District’s … Continue reading →
Yes they are! This one is going to be a bit difficult to follow. But hang in there and let’s go step-by-step. “The Nevada Constitution is The ‘Supreme Law of The State: which `control[s] over any conflicting statutory provisions.’” “It … Continue reading →
No it doesn’t! The District’s Exemptions From Paying The RFF/BFF Are Not Allowed Under NRS 318: We expect the District will continue to exempt favored collaborators, including itself, from paying the RFF/BFF notwithstanding nowhere in NRS 318 is it allowed. … Continue reading →
Yes it does! As stated elsewhere, every year when the District’s Board of Trustees (“Board”) approves a budget for the forthcoming year, it adopts an updated Central Service Cost Allocation Plan” which provides for payment via transfers from its Utility, Community Services … Continue reading →
Because central services cost transfers represent such a large percentage of revenues assigned to the District’s General Fund, we believe it important to understand exactly what these services represent. Because as we have explained elsewhere, general improvement districts (“GIDs”) are limited purpose forms … Continue reading →
As we’ve discussed elsewhere, every year when the District’s Board of Trustees (“Board”) approves a budget for the forthcoming year, it adopts an updated Central Service Cost Allocation Plan which provides for payment, via transfers, from its Utility, Community Services and Beach … Continue reading →
Each year when the District’s Board of Trustees (“Board”) approves a budget for the forthcoming year, it adopts an updated Central Service Cost Allocation Plan pursuant to Board Policy 18.1.0 which we are told is designed to distribute “the cost … Continue reading →
As we’ve discussed elsewhere, according to staff the District’s “central services” transfers distribute “the cost of services (allegedly) provided by the General Fund to the District’s various enterprise funds, departments or divisions” from which those monetary transfers are to be made. … Continue reading →
As elsewhere stated, the District’s central services cost transfers are allocated between and come from the District’s Utility, Community Services and Beach Funds. But where do the monies for these transfers actually come from? Take another look at the Plan … Continue reading →
The answer is yes! As elsewhere stated, the District is subject to the LGBFA, and the Governmental Accounting Standards Board’s (“GASB’s”) standards. GASB Statement No. 34 instructs that “major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary … Continue reading →