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Nye County treasurer and comptroller outline audit fixes; staff say $5.78M moved to general fund as a temporary interfund loan
Summary
Treasurer and contracts/grants staff explained audit progress and grant funding: $12M awarded to Nye County with approximately $5.78M transferred to the general fund as an interfund loan to cover near-term cash needs; the board approved sending a corrective-action letter to the Nevada Department of Taxation to address audit findings.
Nye County's treasurer and comptroller used the June 18 meeting to update the board on audit and finance work and to seek formal corrective actions following the FY2023 audit.
Contracts & Grants Manager Stephanie Elliott told commissioners Nye County received $12 million in local assistance and tribal-consistency funding. Elliott said roughly $5,780,000 (described as "just shy of $5.8M") of that award was transferred to the county general fund as an interfund loan to maintain operations, payroll and contractual obligations while the county awaited other delayed state and federal revenues; staff said the transfer was temporary and expected to be repaid within the next fiscal year (they mentioned an anticipated repayment by April of the next fiscal year).
Treasurer Raelynn Powers reported progress on bank reconciliations and said the office posted auditor closing entries for FY23 and was working to clear reconciling items. Several public commenters and commissioners pressed for more transparent reporting and faster reconciliation timelines.
Comptroller presented required corrective actions in response to the FY23 audit findings to be submitted to the Nevada Department of Taxation. Key corrective actions the county committed to were: implementing a timely monthly period-close process; addressing deficit fund balances (museums) via an operating transfer or reallocation; making necessary intra-fund budget transfers to remedy expenditures in excess of appropriations at the function level; and performing the biennial fixed-asset inventory (current capital-asset threshold discussed at $3,000 with staff proposing an eventual increase to $5,000). The board voted unanimously to send the corrective-action letter to the Department of Taxation.
The board later adopted a related budget resolution to augment the FY23–24 budget and transfer $45,000 to the Pahrump Valley Museum and $35,000 to the Tonopah Museum to cover deficits and mitigate the audit's findings.
What happens next: staff will continue bank-reconciliation work, complete the fixed-asset inventory for FY24, post required intra-fund transfers to correct function-level overspending, and return with updates to the board. The interfund loan will be repaid as state and federal revenues are received, according to staff projections.
