INCLINE VILLAGE, Nev. – Despite progress made on Incline Village General Improvement District’s financial monitoring and reporting systems, the district will remain on fiscal watch for at least one more year.

The Nevada Department of Taxation’s Committee on Local Government Finance (CLGF) placed the district on fiscal watch on April 29 due to numerous extension requests in submitting the audit figures for 2023-2024.

Since then, staff have been meeting with the Department of Taxation regularly, and according to IVGID staff, the meetings have been going well.

During the Tuesday, October 28 IVGID Audit Committee meeting, staff said that because the district is still working out its financial management, the 2024-25 audit will also be late. That means the district will remain on fiscal watch until November 2026.

“They are aware the audit will be late, said Director of Finance Jessica O’Connell. “They’re not thrilled, but they understand circumstances.”

The audit is due November 30. However, the district’s procured auditor will not be doing fieldwork until the end of January, 2026.

During the Audit Committee meeting, the board also approved a single audit to be moved to the IVGID Board of Trustees for final approval.

As part of the Government Auditing Standards (GAS) and the Office of Management and Budget (OMB), the District is required to obtain a single audit when federal funds greater than $750,000 have been expended. The district expended more than $4 million in 2023 for the pipeline replacement project which triggered the single audit.

The auditors provided the district with two findings. The first was that the district could not provide proof that they checked to make sure their vendors were not suspended or debarred. Going foward, staff will make sure there is documentation for the checks.

The second finding was that the submission, which was required to be submitted nine months after the expense, was late.

Because of those findings, IVGID has been deemed a high-risk client. The district will still receive reimbursement.

The next IVGID Board of Trustees meeting is scheduled for November 12.