GM’s Corner: Financial transparency is key
Thanks to all of you who attended our community forum on Incline Village General Improvement District Finances on Wednesday, Oct. 18.
We had a very attentive and engaged group, who patiently allowed our finance director and me to pack a copious amount of information into a two-hour session.
We received a lot of good questions about our presentation, and while we were able to answer some of those questions during the forum, we will be posting responses to the balance of the questions on a special webpage dedicated to the community forum.
The materials presented at the forum along with a video of the forum are posted on this page at link: https://www.yourtahoeplace.com/ivgid/resources/ivgid-community-forum.
The forum was structured for us to address five recurring questions we’ve received from the community regarding our finances.
While we provided very detailed responses to each question, the following is a summary of our responses:
No. 1 How do you know that IVGID’s financial reporting is accurate?
Compliance with law and verification of that compliance by the Auditor’s and the State of Nevada Department of Taxation are the best indicators of accuracy of IVGID financial reporting.
No. 2 Where are IVGID’s chart of accounts located?
The district’s financial transparency page, at http://www.yourtahoeplace.com, includes a “Legend to IVGID’s Account Structure,” which provides the account codes for every district fund, department, division, and object.
No. 3 What are IVGID’s reserve balances?
Actual Fund Balance at June 30, 2017
General Fund — $1,862,249
Community Services Special Revenue — $10,320,141
Community Services Capital Projects — $2,423,806
Community Services Debt Service — $27,394
Beach Special Revenue — $1,070,237
Beach Capital Projects — $5,155
Beach Debt Service — $3,104
Utility Unrestricted — $12,536,210
Internal Services Unrestricted — $1,265,887
No. 4. What kind of an audit does IVGID go through?
In accordance with auditing standards applicable to financial audits contained in government auditing standards, issued by the Comptroller General of the United States.
No. 5 What are the revenues and expenses for each venue?
Schedules showing budget and actual results that were presented at the Oct. 18 forum will be posted online along with this PowerPoint.
If you happen to go online to review the presentation materials, I would also encourage you to visit our financial transparency page as well. There is an incredible amount of additional information available for you to peruse.
The most useful item on this page is the link to our OPENGOV data tool. This interactive reporting tool allows you to explore all of our financial data online in various graphical formats selected by the user. You also have the ability to look at pre-saved reports, and then drill down deeper into each one of these reports.
In addition, the page provides a link to our past seven budget documents, and our past six Comprehensive Annual Financial Reports (i.e. Audits). For those interested in our monthly financials, those are available going all the way back to 2014. A listing of our weekly bill payments is available going back weekly to the beginning of 2015.
There are also links to our five-year capital plans and capital expenditure reports for the past few years. Construction updates are available in the “resources” section of our website.
If there is other information you would like to see, it is likely somewhere on our website as well. If you need help finding the information, feel free to email me at firstname.lastname@example.org.
“GM’s Corner” is a recurring column from IVGID General Manager Steve Pinkerton, who discusses issues and offers updates regarding various district matters. He may be reached for comment at email@example.com