Nevada Administrative Code Chapter 268 - Cities: Financial Information
Nevada Administrative Code (NAC) Chapter 268 – Cities: Financial Information outlines the regulations related to the financial reporting, accounting practices, and fiscal responsibilities of incorporated cities within the State of Nevada.
This chapter supplements Nevada Revised Statutes (NRS) Chapter 268, which addresses the powers and duties of cities, by specifically focusing on the financial aspects.
📘 Overview of NAC Chapter 268 – Cities: Financial Information
🔹 Purpose:
To ensure transparency, consistency, and accountability in the financial operations of cities across Nevada through standardized reporting requirements.
🔑 Key Provisions:
1. Financial Reporting Requirements
Cities must submit annual financial reports to the Department of Taxation or another designated state agency.
Reports must include:
Revenues and expenditures
Fund balances
Debt obligations
Capital improvement plans
2. Audit Standards
Cities may be required to undergo an independent audit annually, especially if they meet specific budget thresholds.
Audits must conform to generally accepted government auditing standards (GAGAS).
3. Budget Procedures
Cities must prepare and file a tentative and final budget each fiscal year.
The budget must show estimated revenues and expenditures by fund and function.
4. Debt Management Policies
Cities must report:
Outstanding general obligation and revenue bonds
Lease-purchase agreements
Future financing plans
A debt management commission may be involved in reviewing or approving borrowing plans.
5. Filing Deadlines and Penalties
Specific due dates are set for submitting reports (e.g., June 30 for budgets).
Late submissions or failure to comply may lead to penalties or withholding of state funds.
6. Standardization of Forms
The Department of Taxation may provide standardized forms and templates to ensure uniformity across all cities.
🏛️ Administering Authority:
Nevada Department of Taxation and the Local Government Finance Section oversee compliance with these rules.
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