D OUGLAS C OUNTY , N EVADA
N EWS Y OU C AN U SE V OLUME 3, I SSUE 9
J ULY , 2013
M OODY ’ S R ATES D OUGLAS C OUNTY “V ERY S TRONG ” Moody’s Investors Service, Inc. recently reviewed Douglas County’s financial status and provided its third highest bond rating of Aa2 or “very strong,” due to the County’s “structurally balanced financial operations.” Moody’s bond rating comes just one year after Standard and Poor’s Rating Services (S&P) provided an A+ or “strong” rating for Douglas County in 2012. “A strong bond rating is a reflection of the financial health of our organization and economic vitality of our community,” said County Manager Steve Mokrohisky. “Douglas County’s latest bond rating is a result of our efforts to stabilize personnel costs, enhance revenues and focus on long
range solutions to fiscal challenges.” Moody’s Aa2 bond rating is considered a reflection of an organization’s high quality, very low credit risk and very strong capacity to meet its financial commitments. In its analysis, Moody’s identified “the county made a number of adjustments to achieve structural balance and more sustainable long-term results.” Moody’s specifically noted the County’s efforts to work with other taxing entities to shift property tax revenues to the County, calling those partnerships “a significant development.” Moody’s also commented on the County’s work with employees to reach three-year labor agreements that reduce personnel expens-
es, concluding that those efforts “create a more sustainable cost structure into the future.” In 2012, S&P reviewed Douglas County’s financial status and rated the County “strong” with its A+ rating. S&P stated that the highlights of the County’s management techniques are its formal financial policies, utilizing external and internal resources for budget assumptions, and engaging in multiyear financial planning. Many local governments across the country have had their bond ratings downgraded, and approximately 36 municipal bankruptcies have been filed since 2010, due to declining revenues, increasing expenses and unfunded employee benefit liabilities.
C OUNTY P RESENTS C ASE S TUDY ON B UDGET I NNOVATIONS As the first county in the country to implement a new priority based budgeting system, Douglas County was invited to present a case study to nearly 200 local government leaders from across the nation in Washington, DC in July. The conference was sponsored by the International City/County Management Association and the Alliance for Innovation, both of which are promoting priority based budgeting as a leading practice in local governCounty Manager Steve Mokrohisky ment. The City of Wheat Ridge, presenting to a group in Washington DC. Colorado and the City of Cinncinatti, Ohio also presented case studies on value of over 700 programs. Douglas priority based budgeting at the conferCounty's efforts to engage residents in the ence. budgeting and prioritization process Douglas County shared its experience through the online "Budget Challenge" over the past two years working with was also highlighted. To date, Douglas elected offices, departments and residents County has utilized priority based budgetto develop an analysis of the cost and ing to shift over $1 million to
preventative road maintenance, eliminate home occupation permitting, eliminate certain notary services, and reorganize several departments to reduce costs and create greater operational effectiveness. The Douglas County Board of Commissioners adopted priority based budgeting as a strategic goal for the County in 2011. The Board meets on August 7th to discuss progress and next steps for priority based budgeting and strategic planning efforts. I NSIDE THIS ISSUE : L ANDS B ILL
2
G ENOA R IBBON C UTTING
3
B ISON F IRE Q& A
4