INCLINE VILLAGE, Nev. – The Nevada Department of Taxation’s Committee on Local Government Finance appointed a subcommittee to look at Incline Village General Improvement District’s (IVGID) financial irregularities on Wednesday.
“The subcommittee that we’ve just appointed, one of the duties I’m going to ask the subcommittee to do is to make a recommendation as to whether you should be placed on ‘fiscal watch’,” said the committee’s Chairman Marvin Leavitt. “Or whether we need to take some action other than that or whether they feel like you’re making efforts to resolve the situation … their intent is to not only assist you, but also make a recommendation as to what we need to do subsequent to that.”
State law authorizes placing local governments under “fiscal watch” when they exhibit specific conditions including serious internal control deficiencies, insolvency, failure to meet payment obligations, questionable investment decisions, unauthorized expenditures, misappropriation of funds, and non-compliance with regulatory requirements…