RTC approves quarterly Regional Street and Highway Fund report showing $8.3 million balance

The Elko County Regional Transportation Commission voted to approve the quarterly financial report for the Regional Street and Highway Fund on Oct. 2. Chair put the motion forward and the commissioners present voted in favor.

Susan presented the quarter ending June 30 (FY2024) and said, "At the end of fiscal year 'twenty 4, the current ending fund balance is 8,300,000." She summarized revenues as about $2.8 million in regular fuel taxes, $1.7 million in diesel fuel taxes and roughly $425,000 in interest, and said total revenues were a little over $5,000,000. She added expenditures for the period were about $3,400,000.

Susan explained timing effects on receivables, saying the state was "about 2 months in arrears paying out taxes, so the 1,200,000 represents the May and June taxes which were received in July and August." The chair and members asked clarifying questions about diesel-tax distributions; Susan responded that diesel distributions had not yet been made and that diesel taxes will be distributed "in arrears as requested," allowing entities to request FY24 amounts in FY25.

The commission's approval followed a brief discussion about potential local uses for funds, including a suggestion that a local entity could request allocations to assist with bond payments. The motion to approve the quarterly report carried with the affirmative votes of the members present. The commission did not identify additional follow-up beyond the standard accounting and distribution procedures.