Nye County readying to repay itself $6 million interfund loan
Last year, Nye County loaned itself nearly $6 million to ensure that it did not run out of operating revenue while it awaited its influx of consolidated tax dollars, an interfund loan that is soon to be repaid.
The interfund loan came from the county’s $12 million Local Assistance and Tribal Consistency Fund (LATCF) grant, which was allocated as part of the American Rescue Plan. A total of $5.78 million was transferred from that grant fund into the general fund to shore up the county’s financial reserves and as Nye County Comptroller Helen Bae emphasized this week, it was money that was not intended to be expended.
“That was never appropriated to be spent,” Bae clarified for the public during the Nye County Commission’s Tuesday, Feb. 4 meeting. “It was meant to be a cash buffer to hold us over for the delayed tax collection – specifically the sales tax collection, that is historically always two to three months late… So that $5.78 million has actually been used just for cash flow reasons, not to actually spend.”
Bae said Nevada Revised Statute required the interfund loan to be repaid within a year and with the money movement taking place in April 2024, the time for repayment is almost upon the county. On Feb. 13, the commission will hold a special meeting regarding its annual budget audit and after that is complete, Bae said the repayment would be made.
Once the $5.78 million is back in the grant fund, it will then be up to the commission as to how the funding will eventually be spent and the possibilities are almost endless. The only restriction attached to these federal dollars is for lobbying activities and the county can use the money in any other way it deems fit.
The other half of the $12 million in LATCF funds has already been earmarked for 10 total projects, including an upgrade of the county’s microwave system used for public safety communications, seed money for a facilities key system and vehicle purchases for the Nye County Sheriff’s Office, Nye County District Attorney’s Office and Nye County Emergency Management. Small allocations were also made for the juvenile probation office move, an Amargosa Valley Fire Dept. quick response vehicle and lighting at Revert Park in Beatty.
Bae noted that the commission must decide how to appropriate the $5.78 million in LATCF dollars prior to the next fiscal year’s budget being submitted, a process that takes place in May.
Readers can find additional details on the interfund loan and projects funded through LATCF in previous coverage at pvtimes.com
Contact reporter Robin Hebrock at rhebrock@pvtimes.com
Commission meeting summaries now available
Nye County Administration has launched a new program to help residents keep track of the vast array of actions and discussions that take place at the bi-monthly Nye County Commission meetings.
"We have what is called a 'BoCC summary' on the administration's webpage. It's a tool that we put together showing how each meeting goes, how each agenda item is voted on and how and why and by whom," Nye County Administrative Manager Samantha Tackett announced at the commission's Feb. 4 meeting. "I just wanted to let everyone knows that is out there, so they can research how items were voted on and our lists do go back several years."
"Congratulations, Samantha, for launching that. It's been a resource that we (county) have been using and now the public has it," commissioner Debra Strickland enthused, while commission chair Ron Boskovich chimed in, "Transparency!"
The synopses can be accessed at NyeCountyNV.gov by clicking on "Administration" under the "Departments" dropdown menu. The "County Commission Meeting Summaries" link is located on the left side of the page. The summaries date back to 2020.
