We posted on Facebook earlier this month that Nevada made Forbes’ recent list of “Best States for Business” in two categories; #7 for business costs and #6 for growth prospects.

Some residents pointed out that it should not be overlooked that Nevada also ranked #50 in economic climate and #49 in quality of life.

We applaud those individuals for engaging in these important issues facing our entire state. This opens up conversation on a well-known discussion here within City of Reno management.

From my perspective as Reno’s (relatively new) Finance Director, a strong Reno starts with strong fiscal management. I can tell you that this view is adamantly supported by our City Manager and the rest of our team. Without this foundation, we will be unable to deliver quality services to our citizens.

Reno is at a financial crossroad

The costs of pensions, health care, labor and general operations keep rising, and revenues from taxes and fees are either declining or not keeping pace with cost increases.  We are also limited on the ability to ask citizens to pay more in taxes and fees.

We need to operate with more efficiency and less expense. Instead of relying on across-the-board cuts or tax increases and account transfers, our plan is to pursue a more strategic approach.

Reno’s strategy for financial stability

The City of Reno is at a point where easy answers and one-time fixes are no longer enough to create financial stability. So we have a plan for where we intend to go.

•  It doesn’t make sense to continue to address simply year-to-year structural shortfalls. So we’re developing a multi-year model for funding and budgeting.

•  We want citizens to be able to see all of our monetary transactions in a simple online interface. It’s your money – you have every reason to see where it’s going.

•  We’re developing a Strategic Plan that outlines our Mission, Vision & Values. This will help staff plan their individual goals and objectives. We have so many people here who care, really care, about our City and what they do for it. To make this work, we all need to move in the same direction. Big ideas don’t mean much by themselves, so the plan will include timeframes for action items and performance measures to ensure accountability.

•  Bonds are a big issue! A complete review of the bonding program of the City is underway. It’s important that we:

– Meet financial obligations
– Implement a revised bonding policy
– Minimize interest costs
– Reduce the overall debt ratio

•  We’re continuing ongoing review of government operations to find improvements, and we’re reviewing our revenue streams to ensure the maximum (and appropriate) revenue is being received.

•  Reno isn’t the only one in this boat. We’ll work with other local and state governments for opportunities for regional solutions and intergovernmental cooperation.

•  We’re looking at ‘managed competition’ to identify areas that may offer efficiencies or savings by utilizing private vendors, and we’re reviewing our non-critical assets to see if there’s anything that makes sense to sell.

We only get so many people coming to our City Council meetings, or stopping by City Hall and sharing their ideas. I’d like to invite you to connect with us in any way you can. Through your participation online and with events like the Recharge Nevada Summit, you can help us get a better understanding of your ideas and concerns that matter to you.

Please feel free to comment below, and share this post to invite others in on the conversation.