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RTC board reviews and approves quarterly street and highway fund report; diesel tax apportionment discussed
Summary
Staff reported the Regional Street & Highway Fund had roughly $8.4 million in assets (June 30, 2024), later reported as $9.9 million at Dec. 31; board discussed diesel-tax receipts ($1.7 million collected since November) and approved the quarterly report by voice vote.
Staff presented the Elko County Regional Street and Highway Fund quarterly report, which listed assets of $8,400,000 as of June 30, 2024 and—when the presenter later reviewed December data—net assets of $9,900,000 as of Dec. 31. The June report showed prior-year revenues of about $5,000,000 and expenditures of $3.4 million; staff explained that diesel fuel-tax collections began in November and $1,700,000 has been collected but will not be apportioned until a full year of collections is complete.
The presenter clarified that the state holds roughly 20% of diesel-tax receipts temporarily to account for possible refund requests before remitting the remainder to counties. After questions from commissioners about the supplemental line and timing of apportionments, a commissioner moved to approve the quarterly report, the motion was seconded and the board approved it by voice vote.
"At December 31, the total net assets was 9,900,000 in the fund," the presenter said. She also noted the fiscal-year-25 collections were about $1,000,000 in gas taxes and $841,000 in diesel taxes and that apportionment requests would likely be processed after a full year of diesel collections.
