by Roger Tobler
Boulder City Mayor
The economy continues to weigh heavily on all of our minds, and on our finances. Hopefully we will begin to see some positive elements of our economy bounce back this year. In the meantime, this year’s budget for the City will continue to be challenging and difficult as our revenue streams continue to decline.
Boulder City Magazine®
|Boulder City is not in the same circumstance as many other cities in Nevada; our budget and labor force was not built on the growth model. We have been conservative with our budgets and we continue to look for areas to improve. We will survive this current economic downturn by continuing with our multi phased approach to budget shortfalls.
First, we continue to review our budget and we will need to cut more in this coming budget cycle. Our City Manager and staff understand our predicament and are preparing a budget that will offset our revenue declines by reducing expenditures and postponing future expenses and positions.
Second, our lease revenues in the Eldorado Valley will increase as we continue to negotiate new solar leases. If not for the lease revenue coming into the City, our situation would be dire, and we would have had to cut many services before now.
Third, we need to look at ways to pay off our City debt. Our debt structure is also more conservative that other cities in our area. However, we still have substantial debt that draws down our cash flow. Currently we pay over $3.5 million in debt obligations. This figure increases next year, and we also will begin paying on the 3rd intake. Our debt service will reach over $5 million in the coming years. It makes sound financial sense to retire this debt early. It is still my opinion that selling some land to pay down our debt is the best solution.
The City Council will begin budget meetings in February. This year will be challenging. We will be making difficult decisions about services and expenses.
We will do our best to provide the necessary services to our community and hopefully keep our ending balances from declining further.
Visit Roger at http://www.bcnv.org/CityCouncil/Tobler.asp.
688 Wells Rd #A
Boulder City, Nevada 89005
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