IVGID Board of Trustees Meeting Accounting Issues

June 16, 2019

Background Information:  The 2019-2020 budget has a change in accounting methods which is in violation of the Board’s Resolution 1838.  In 2015, the Board did away with Enterprise fund accounting for the Community Services and Beach Funds and passed Resolution 1838 (click here to view) changing to Governmental fund accounting which segregated operations, capital improvement projects, and debt service.  This was accepted by the Nevada Department of Taxation so long as revenues and expenses were also kept separate.  
With the agenda item devoted to the approval of the 2019-2020 budget, the segregation is being eliminated.  The issue of another change of accounting was discussed.  Capital projects and debt service accounts have been eliminated and all revenues and expenditures are included in the operating account.  It is our understanding that to make this accounting change requires a Board approved revision to the resolution and the approval by the Department of Taxation.  This concern was brought forth by Trustee Dent.

The budget calls for spending over $4M of Community Services funds on the Mountain Golf Course Clubhouse rehabilitation ($1.42M), the Tennis Facility renovation ($1.285M) and other projects and equipment purchases at Diamond Peak. Even with these expenditures in the 2019-2020 fiscal year, the District will have over $4.6M in excess funds, over and above the required fund balance, in Community Services. The budget was approved in a 3-2 vote.  Trustees Horan, Morris and Wong approved.

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