ELKO – Elko County carried over a healthy amount of money into the current fiscal year, far more than in some years, and that cushion should help as the county faces increased retirement contributions, according to Teri Gage of the accounting firm Eide Bailly LLC.
She said that starting in July 2023, the Public Employees’ Retirement System of Nevada rates “go up quite significantly.” The rate will be 33.5%, compared with the current 29.75%, for the county’s contribution for regular employees.
Police and firefighter contributions go from 44% to 50% for PERS, which is the pension fund for government employees in Nevada.
The balance carrying over for the general fund into the current fiscal year was at 50% of expenditures, which Gage said “really improved” from past years. The state recommendation is an 8.3% ending fund balance.
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The general fund balance for 2021-2022 was $16.7 million, and general fund expenditures totaled $33.4 million, revenues, $37.5 million. There was a beginning fund balance of $12.6 million for the fiscal year.
Commissioner Delmo Andreozzi said he remembered that “not that long ago” the balance was way below the 2021-2022 fiscal year balance, and the county had a “tough row to hoe.”
The 2017 ending fund balance was $2.7 million, for example, and the 2018 ending balance was $4.6 million.
“They’ve worked very hard to build that back up,” Gage said of the ending balance.
She also said the federal CARES Act (Coronavirus Aid, Relief and Economic Security Act) and ARPA (American Rescue Plan Act) funds helped with salaries because of the pandemic, and that gave the county a boost.
Gage went over the audit for the fiscal year ending June 30, 2022, with Elko County Commissioners on Jan. 4, roughly four months earlier than the audit presentation for the prior fiscal year. She said by phone on Jan. 5 that the county staff “worked very, very hard to have the audit out in a timely fashion.”
In the meeting, she praised the county staff and Andreozzi said he “echoed your sentiments to our staff.” New Commissioner Travis Gerber also praised the county staff.
Gage told commissioners the audit found there was only one over-expenditure.
“That’s the best one I’ve seen for the county regarding over-expenditures in a long time. That’s amazing,” Gage told commissioners, and she said on Jan. 5 that “with a budget of that size, it’s pretty commendable of the staff to have one small over-expenditure violation.”
Including all funds, the county’s net position was $113.3 million, up from $93.35 million at the end of the prior fiscal year, according to the audit. Revenues, including $27.3 million in ad valorem taxes and $25.5 million in consolidated taxes, totaled nearly $83.83 million, compared with nearly $79.14 million in the 2020-2021 fiscal year.
The audit states that the ad valorem and consolidated taxes comprise 65% of county revenue.
Expenses for all funds totaled $63.87 million, down slightly from $65.26 million the prior year, according to the audit, which reported that salaries and wages make up roughly 60% of total expenses.
Commissioners voted to accept the audit, with Commissioner Jon Karr absent.
New Elko County Commissioner Travis Gerber speaks with the Elko Daily on Jan. 2, 2023.
