NAC354.010. Eligible districts; authorized exemptions; petition for exemption.

     1. Any special district with annual total expenditures of less than $200,000 during a current fiscal year and annual total expenditures of less than $200,000 budgeted for the succeeding fiscal year may petition the Department for exemption from all or any one of the following:

     (a) Filing of a tentative budget.

     (b) Filing of independent audit reports.

     (c) Publishing requirements of the Local Government Budget and Finance Act, NRS 354.470 to 354.626, inclusive, other than the annual publication of a notice of budget adoption and filing.

     (d) Maintaining accounting records on an accrual or modified accrual basis.

     2. The petition must be in the form of an ordinance or resolution adopted by the governing body of the district.

     3. No district will be granted an exemption if it is:

     (a) In noncompliance with any law or regulation at the time the petition is made; or

     (b) In default in payments due for the redemption of any bond or for any other outstanding indebtedness.

     [Tax Comm’n, Local Gov’t Reg. No. 14 § 1, eff. 9-7-73; A 2-7-76; No. 14 § 4, eff. 9-7-73]—(NAC A 1-10-84; 1-16-92; A by Com. on Local Gov’t Finance by R201-01, 4-5-2002)