Establishment of one or more funds by resolution required; contents of resolution; accounting requirements; copy of resolution to be provided to Department of Taxation; proprietary funds; enterprise funds.
Nev. Rev. Stat. § 354.612
in effect1. A local government shall establish by resolution one or more funds. The resolution establishing the fund must set forth in detail:
(a) The object or purpose of the fund;
(b) The resources to be used to establish the fund;
(c) The source or sources from which the fund will be replenished;
(d) The method for controlling expenses and establishing revenues of the fund; and
(e) The method by which a determination will be made as to whether the balance, reserve or retained earnings of the fund are reasonable and necessary to carry out the purpose of the fund.
2. Financial statements and other schedules required for funds must be prepared in accordance with generally accepted accounting principles.
3. Upon adoption of a resolution establishing a fund, a local government shall provide an executed copy of the resolution to the Department of Taxation.
4. In establishing a proprietary fund, a local government shall, besides furnishing working capital for the fund, provide that one of its financial objectives is to recover the complete costs of operation of the activity being financed, including overhead, without producing any significant amount of profit in the long run.
5. Each enterprise fund established must account for all charges properly related to the purpose of the enterprise fund, including, without limitation, debt service, capital outlay and operating expenses. Upon dissolution of the enterprise fund, no transfer of equity that may be made available to other funds or functions may be declared until after all proper obligations have been charged against the enterprise fund.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-354.htmlFetched: 10/4/2026