1. “Expenditure” means: (a) If the accounting records are kept on the modified accrual basis, the cost of goods delivered or services rendered, whether paid or unpaid. Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term liabilities which should be recognized […]
“Expense” means any charge incurred, under the accrual basis, whether paid or unpaid, for operation, maintenance or interest or any other charge which is presumed to provide benefit in the current fiscal period. (Added to NRS by 1981, 1756; A 2001, 1797)
“Fiduciary fund” means a fund used to report assets held in a trustee or agency capacity for others and therefore cannot be used to support the programs of the local government. (Added to NRS by 2001, 1793)
“Final budget” means the budget which has been adopted by a local governing body or adopted by default as defined by NRS 354.470 to 354.626, inclusive, and which has been determined by the Department of Taxation to be in compliance with applicable statutes and regulations. (Added to NRS by 1965, 728; A 1971, 1013; 1975, […]
“Fiscal year” means the 12-month period beginning on the first day of July and ending on the last day of June. (Added to NRS by 1965, 728)
“Function” means a group of related activities aimed at accomplishing a major service or regulatory program for which a governmental unit is responsible, including, without limitation, general government, public safety, public works, health, welfare, culture and recreation, conservation of natural resources, urban redevelopment and housing, economic development and assistance, economic opportunity and activities relating to […]
“Fund” means a fiscal and accounting entity having a self-balancing set of accounts, recording cash and other financial resources together with all related liabilities and residual equities or balances, or changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with specific regulations, restrictions or limitations. […]
“Fund balance” means the excess of assets over liabilities in a governmental fund. (Added to NRS by 1981, 1757; A 2001, 1797)
“General fund” means the fund used to account for all financial resources except those required to be accounted for in another fund. (Added to NRS by 1965, 728; A 1981, 1762)
“General long-term debt” means debt which is legally payable from general revenues and is backed by the full faith and credit of a governmental unit. The term includes obligations issued by a local government pursuant to chapter 350 of NRS and other long-term liabilities, including, without limitation, accrued compensated absences and claims for workers’ compensation. […]
“Governing body” means the board, council, commission or other body in which the general legislative and fiscal powers of the local government are vested. The term includes, without limitation, the commissioners of a regional authority formed pursuant to NRS 315.7805, if the general legislative and fiscal powers of the regional authority are vested in the […]
“Internal service fund” means a fund used to account for the financing of goods or services furnished by a designated department or agency to governmental units within its own organization or to other departments or agencies on the basis of reimbursement for costs. (Added to NRS by 1971, 200; A 1981, 1762)
“Liabilities” means, for the purpose of financial reporting, debts or other legal obligations arising out of transactions in the past which must be liquidated or refunded at some future date. (Added to NRS by 1965, 729; A 1981, 1763)
“Modified accrual basis” means the basis of accounting under which expenditures other than accrued interest on general long-term debt are recorded at the time liabilities are incurred and revenues are recorded when they become measurable and available to finance expenditures of the fiscal period. (Added to NRS by 1965, 729; A 1971, 183; 1981, 1763)
“Proprietary fund” means an internal service fund or enterprise fund. (Added to NRS by 2001, 1793)
“Regional facility” means a facility that is used by each county that levies a tax ad valorem for its operation pursuant to NRS 354.59818 and provides services related to public safety, health or criminal justice. The term includes a regional facility for the treatment and rehabilitation of children for which an assessment is paid pursuant […]
“Reserve” means, in accounting and reporting of government funds, a portion of the fund equity which is not appropriable for expenditures or is segregated by law or contract for a specific future use. (Added to NRS by 1965, 729; A 1971, 183; 1981, 1763; 1987, 631)
“Revenue” means the gross receipts and receivables of a local government derived from taxes and all other sources except from appropriations and allotments. (Added to NRS by 1965, 729; A 1967, 937; 1981, 1763; 2001, 1798)
“Special revenue fund” means a fund used to account for specific revenue sources, other than sources for major capital projects, which are restricted by law to expenditure for specified purposes. (Added to NRS by 1965, 729; A 1971, 200; 1981, 1763; 2001, 1798)
“Supplemental city-county relief tax” means the fees, taxes, interest and penalties which derive from that portion of the city-county relief tax which exceeds the original tax levied at the rate of one-half of 1 percent. (Added to NRS by 1981, 305)
