NAC354.8708. Quarterly report. [Effective through June 30, 2017.]

     1. The governing body of a local government that loans or transfers any money after obtaining approval of an application submitted pursuant to NAC 354.870 shall submit a quarterly report to the Committee. Each report must be submitted within 45 days after the end of each calendar quarter and include, at a minimum, the following information:

     (a) A statement indicating whether the transaction on which the report is based is a loan or a transfer and, if the transaction is a loan, a copy of the loan agreement;

     (b) The date on which the loan or transfer was made;

     (c) The amount of the loan or transfer;

     (d) A description of the fund into which the proceeds of the loan or transfer are placed;

     (e) The purpose of the loan or transfer and a description of the service to be funded or claim to be paid from the proceeds of the loan or transfer;

     (f) A summary description of any increase in a fee imposed by the local government for the benefit of the enterprise fund during the immediately preceding fiscal year or the prior reporting period, whichever is applicable, and in any preceding year if the increase becomes effective in the current fiscal year, including the amount of the increase and a copy of the resolution approving the increase;

     (g) A summary description of any change in salaries or benefits paid to employees of the local government during the immediately preceding fiscal year or the prior reporting period, whichever is applicable, in accordance with existing collective bargaining agreements or any action taken by the governing body of the local government with respect to employees who are not members of an employee organization as defined in NRS 288.040;

     (h) A copy of any written report that may have been prepared pursuant to NRS 288.153;

     (i) An explanation of how any service restored by the loan or transfer will be maintained in future years, including an identification of the revenue stream that will be used to support any such service;

     (j) A description of any amendments to the resolution which established the enterprise fund;

     (k) A copy of the most recent report of indebtedness required to be submitted by the local government pursuant to NRS 354.6025, updated to the current quarter and separately identifying the indebtedness of the enterprise fund from which the loan or transfer was made;

     (l) For the first quarter after the report of the annual audit prepared pursuant to NRS 354.624 has been submitted to the governing body of the local government, a comparison of each final budgeted general fund revenue and expenditure against the actual revenue and expenditure;

     (m) An explanation for any variance between the final budgeted and actual amounts described in paragraph (l) exceeding 5 percent;

     (n) A copy of the notice required by subsection 9 of NAC 354.870, along with proof satisfactory to the Committee that the notice was transmitted in accordance with that provision;

     (o) The name, telephone number, facsimile number, mailing address and electronic mail address of the person who prepared the report pursuant to this section;

     (p) A certification by the person who prepared the report pursuant to this section stating that to the best of his or her knowledge and belief the information submitted is true and accurate; and

     (q) The signature of the person who prepared the report pursuant to this section, his or her official title and the date on which the report was prepared.

     2. If the governing body of a local government fails or refuses to submit a completed quarterly report in accordance with this section or is otherwise habitually late in submitting the reports, the Committee may:

     (a) Revoke approval of any loan or transfer that has not yet been made; and

     (b) Deny approval of any future application submitted pursuant to NAC 354.870.

     (Added to NAC by Com. on Local Gov’t Finance by R082-13, eff. 12-23-2013)