NVTA

Financial Statements & Budgets 

For transparency and as required by relevant laws and regulations, the Authority submits its entire financial operation to an annual, external and independent audit. The audit process results in the production and certification of the annual Financial and Compliance Reports consisting of three components: 

  • Government-wide Financial Statements 
  • Fund Financial Statements
  • The notes to the Financial Statements 

Financial and Compliance Reports

The annual Financial and Compliance Reports also include supplementary information intended to furnish additional detail to support the basic financial statements and make the statements easier for an outsider reader to understand. 

The annual Financial Statements are prepared using the integrated approach as prescribed by the Governmental Accounting Standards Board (GASB). The government-wide financial statements present the financial picture of the Authority’s governmental activities from the economic resources measurement focus using the accrual basis of accounting. The governmental funds are prepared using the current financial resources measurement focus and modified accrual basis of accounting. A reconciliation of the fund financial statements to the government-wide financial statements is provided to explain the differences created by the integrated approach. 

The Authority operates on a July 1 to June 30 fiscal year. Audited Financial and Compliance Reports are presented below for each year of audited financial activity commencing with the receipt of House Bill 2313 revenues. 

Budget Statements

Budget statements are presented for the Regional Revenue Fund Budget, Local Distribution Fund Budget and the Operating Budget. Any budget amendments are presented below for the appropriate budget by fiscal year. 

FY2025

FY2024

Organizational & Financial Policies

Best practices and the annual audit call for organizational and financial policies. NVTA staff have developed a comprehensive set of organizational and financial policies, with the majority of policies adopted by the Authority on December 11, 2014. The documented policies will serve to foster transparency, understanding and consistency in Authority business practices. Policies are updated as changes in accounting, finance and organizational requirements change.