CITY OF FERNLEY BUDGET UPDATE
Hello Fernley, this is your Mayor, Roy Edgington. On Wednesday, May 20th, the Fernley City Council finalized the budget for 2020/2021. Since the Tentative Budget was approved by City Council in April, staff has been reviewing the impacts from the Coronavirus Pandemic.
There are many unknowns through this process, and staff took a conservative approach in addressing potential revenue shortfalls and the potential challenges in the next year.
I want to assure our residents that the Council has taken appropriate action and will continue to proceed with caution moving forward. The City has placed a hiring freeze for all new positions until a date is determined and approved by the City Council.
On a positive note I would like to highlight that with the recent reduction in interest rates, the City had the opportunity to refinance a portion of its outstanding general obligation water and sewer bonds at a lower interest rate. This refinancing presented the City with a savings of water and sewer interest costs of approximately $400,000.
I thank you for your time, I am always available for questions by phone or email. My cell number is 775-790-5655 or reach me at firstname.lastname@example.org. Stay safe and healthy Fernley.