Officials laud 1993 'Taxpayers Bill of Rights'

Clark County officials on Tuesday credited the 1993 "Taxpayers Bill of Rights" with keeping the county in good shape financially.

The 10-point Bill of Rights, authored by Commissioners Bruce Woodbury and Yvonne Atkinson Gates, has prevented the board from raising property taxes without a public vote.

It also requires that budget growth does not exceed the growth of population and the Consumer Price Index, and it requires the county to balance its budget every year. The county grew last year by 6 percent and has a population of 1.2 million. Its revenues increased by about the same percentage and totaled $984 million.

The county's compliance with the Bill of Rights has saved property owners about $13 million in taxes each year, according to county finance director George Stevens.

Clark County has maintained its AA bond rating -- reflecting good financial health -- despite Moody's Investor Service and Standard & Poor's concerns about how legalized Indian gaming in California may affect Nevada's economy.

"The county's position is there is come concern, but it's probably greater on the state level," county spokesman Tom Warden said. "The county, because of fiscal practices and its revenue stream, is in good shape and should weather any downturn, if there is any."

The county is one of only 13 in the country that shares the same bond rating as its state.

Assistant County Manager Mike Alastuey said the county's capacity to incur bonded debt for infrastructure is increasing.

"It's growing despite the many challenges of bringing infrastructure and services to meet the growth," Alastuey said. "The county is well within every parameter it has set for itself. The county's financial practices are recognized by the nationally recognized bonding agencies."

While the county's revenues exceed its expenditures, it may not always be that way, according to County Manager Dale Askew. The county plans for that event, he said. For example, it may sell bonds one year for a capital project, then spend it the next fiscal year.

Clark County's budget hovers around $2 billion and it currently has a $1.5 billion portfolio.

"Those are bond proceeds we have sold to finance projects," Askew said. "It's not idle money sitting around. They're held in investments while we're waiting for infrastructure projects to begin."

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