Nev. Admin. Code § 287.786 - Determination of annual contributions; annual budgeting and auditing

1. The governing body shall annually inform the board of trustees of the amount of the contributions that the governing body expects to make to the trust fund. In determining such a contribution, the governing body may:

(a) Commission actuarial studies that estimate the liabilities of the benefits plan of the local government for the ensuing 5 fiscal years; or

(b) Use an alternative method of calculation that is allowed by generally accepted accounting principles and which is performed or commissioned by the governing body.

The results of any such studies or calculations must be completed before March 1 of each year in order that the amount of the contributions to the trust fund is determined before completion of the tentative budget of the board of trustees for submission to the governing body pursuant to subsection 2.

2. The board of trustees shall annually submit a tentative budget to the governing body for its consideration, approval and inclusion in the tentative and final budgets of the governing body. The tentative budget submitted by the board of trustees must incorporate the amount of contributions determined pursuant to subsection 1. The governing body may modify the tentative budget of the board of trustees at its discretion.

3. The board of trustees shall cause the trust fund to be audited annually. The books, records and accounts of the trust fund may be audited by the same person or entity that audits the books, records and accounts of the local government. The governing body shall incorporate the results of the audit into the annual audit report of the local government.

Notes

Nev. Admin. Code § 287.786

Added to NAC by Com. on Local Gov't Finance by R089-08, eff. 9-18-2008

NRS 287.017