NRS 354.470 to 354.626, inclusive, may be cited as the Local Government Budget and Finance Act. (Added to NRS by 1965, 725; A 1971, 1012, 1340; 1973, 1080; 1977, 509; 1983, 1618; 1987, 1031; 1995, 2553; 1997, 3294; 1999, 833; 2001, 1421, 1795; 2003, 78; 2005, 576, 1402; 2011, 1688; 2013, 2711; 2021, 1142)
1. The purposes of NRS 354.470 to 354.626, inclusive, are: (a) To establish standard methods and procedures for the preparation, presentation, adoption and administration of budgets of all local governments. (b) To enable local governments to make financial plans for programs of both current and capital expenditures and to formulate fiscal policies to accomplish these […]
1. Except as otherwise provided in subsections 2 and 3, the provisions of NRS 354.470 to 354.626, inclusive, apply to all local governments. For the purpose of NRS 354.470 to 354.626, inclusive: (a) “Local government” means every political subdivision or other entity which has the right to levy or receive money from ad valorem or […]
1. All special districts subject to the provisions of the Local Government Budget and Finance Act with annual total expenditures of less than $300,000 may petition the Department of Taxation for exemption from the requirements of the Local Government Budget and Finance Act for the filing of certain budget documents and audit reports. Such districts […]
As used in NRS 354.470 to 354.626, inclusive, unless the context otherwise requires, the words and terms defined in NRS 354.479 to 354.578, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1965, 726; A 1971, 1013, 1341; 1981, 1759; 1987, 1675; 1989, 2074; 1991, 1434; 1995, 1934, 2554; 1997, […]
“Accrual basis” means the basis of accounting under which expenditures or expenses are recorded as soon as they result in liabilities for benefits received and revenues are recorded when earned, despite the possibility that the receipt of the revenue or the payment for the expense may take place, in whole or in part, in another […]
“Administrative entity” means an entity created pursuant to an interlocal agreement or interlocal contract between two or more counties to operate a regional facility. (Added to NRS by 2001, 536)
“Anticipated revenue” means the amount of revenue anticipated to be collected or accrued during a given period. (Added to NRS by 1965, 728; A 1981, 1762; 2001, 1797)
“Appropriation” means an authorization by a governing body to make expenditures and to incur obligations for specified purposes. (Added to NRS by 1965, 726)
“Assets” means property which: 1. Is owned by a governmental unit; and 2. Has a monetary value. (Added to NRS by 1965, 726; A 1981, 1760)
“Audit” means the examination and analysis of financial statements, accounting procedures and other evidence made in conformity with generally accepted auditing standards in the United States for one or more of the following purposes: 1. Determining the propriety and mathematical accuracy of material financial transactions; 2. Ascertaining whether financial transactions have been properly recorded; 3. […]
“Budget” means a plan of financial operation embodying an estimate of proposed expenditures and expenses for a given period and the proposed means of financing them. (Added to NRS by 1965, 727; A 1981, 1760)
“Budget augmentation” is a procedure for increasing appropriations of a fund with the express intent of employing previously unbudgeted resources of the fund for carrying out the increased appropriations. (Added to NRS by 1971, 1012; A 1981, 1761)
“Budget year” means the fiscal year for which a budget is being prepared. (Added to NRS by 1965, 727)
“Capital assets” means assets of a long-term character which are intended to continue to be held or used such as land, buildings, machinery, furniture and other equipment. (Added to NRS by 1965, 728; A 2001, 1797)
“Capital projects fund” means a fund created to account for resources used for the acquisition or construction of designated capital assets by a governmental unit except those financed by proprietary or trust funds. (Added to NRS by 1983, 1636; A 1989, 402; 2001, 1798)
“Contingency account” means an account showing money that has been appropriated to provide for unforeseen expenditures or anticipated expenditures of an uncertain amount. (Added to NRS by 1965, 727; A 1981, 1761; 2001, 1797)
“Debt service fund” means a fund to account for the accumulation of resources for and the payment of principal or interest on any general long-term debt or medium-term obligation. (Added to NRS by 1965, 727; A 1981, 1761; 2001, 1797)
“Encumbrances” means commitments related to unperformed contracts for goods or services, the accounting for which is used to ensure effective budgetary control and accountability and to promote effective cash planning and control. For reporting purposes, encumbrances outstanding at a year’s end represent the estimated amount of the expenditure ultimately to result if the unperformed contracts […]
“Enterprise fund” means a fund established to account for operations: 1. Which are financed and conducted in a manner similar to the operations of private business enterprises, where the intent of the governing body is to have the expenses (including depreciation) of providing goods or services on a continuing basis to the general public, financed […]
