In recognition of Community Banking Month, which occurs annually in April, the Financial Institutions Division recognizes the importance of community banks to Nevada’s economy.  

A key benefit of community banks is that they typically support the vibrancy of local communities by loaning to neighborhoods where their depositors live and work.  Larger banks often acquire deposits in one state and make loans in another.  Community bank officers are usually involved in local affairs, and they are generally more accessible to their customers. 

“In spite of these challenging times, most community banks are in good shape,” says George Burns, Financial Institutions Division Commissioner. “The majority of community banks did not invest in risky mortgage-backed securities or complicated derivatives, so they are still serving their customers’ personal and business needs.”

The shaky economy makes it even more important that consumers understand how their bank works.  The Division encourages Nevadans to learn more about banking by visiting http://www.helpwithmybank.gov/.  The website provides answers to over 300 frequently asked banking questions. The site’s focus is on national banks; however, many of the questions and answers are common to all banking consumers.

Consumers are also urged to learn about the basics of financial education by visiting http://www.mymoney.gov/.  The site contains important information from 20 federal agencies on a variety of topics, including balancing a checkbook, buying a home, preventing foreclosure, deposit insurance, investing in a 401(k), privacy, and scams.  For a list of upcoming local foreclosure and financial literacy classes, visit http://foreclosurehelp.nv.gov/GoogleCalendar.htm.

For more information about the Financial Institutions Division, visit http://fid.state.nv.us/. 

Prevailing Wage Survey Now Available on the Web

Nevada Labor Commissioner Michael Tanchek has released the 2009–2010 Construction Wage Survey for contractors throughout the state. 

State law requires the Commissioner to survey contractors who have performed construction work during the past year in order to determine the prevailing wage rates. Prevailing wage rates are required to be paid on all Nevada public works construction projects — such as schools, libraries, roadways and government buildings — costing more than $100,000.

The surveys are due July 15, 2009, in order for the new rates to be posted by October 1, 2009, as required by Nevada law.

The Commissioner no longer direct mails survey packets to licensed contractors.  “With the tight budgets, Commissioner Tanchek said we make the survey available online, but contractors without internet access can request forms from us.”

Participants can go online to http://www.laborcommissioner.com, complete the form and print a hard copy for mailing.  Surveys cannot currently be filed electronically.  Browsers will also find convenient links to Nevada's prevailing wage laws, as well as state-required posters and other useful information on that site.

Contractors who do not have access to the Internet can still request a hard copy by calling the Office of the Labor Commissioner toll-free at 1-800-992-0900, in Las Vegas at (702) 486-2795, or in Carson City at (775) 687-4850.

All contractors who have worked on construction projects may participate in the survey, even if they are not required to have contractors’ licenses.

According to Chief Assistant Carrie Foley, who oversees the data collection and calculation of the rates, the Labor Commissioner’s Office strives to ensure that the public understands how the rates are established.  “We often receive telephone calls and e-mail from people curious as to how we came up with a particular rate,” said Foley.  “The information obtained from the surveys is loaded into a computer program, which calculates the prevailing wage rates on a county-by-county, job-classification basis.”

Commissioner Tanchek encourages all contractors, particularly those working in rural areas, to participate as precisely as possible in the prevailing wage survey to ensure that the rates established accurately reflect the rates that are being paid in a particular community. If no rates are reported for a craft in a county, the Commissioner must rely on wage rates as reported for the nearest county that has a rate. Many times a low-population county can end up with the same rate as established in Clark County for a particular craft, because no rural numbers were reported.  Participation by all contractors is the key.

Contractors should keep several important facts in mind when completing the survey:

§         All data from all contractors will be considered.  However, the information must be within survey requirements.  For example, work must be done within the specified dates and must be for a classification included in the survey.

§         Surveys should include wages paid on private and commercial projects.  To establish a rate reflective of what's been paid, the survey should include wages paid on all construction projects, not just publicly-funded projects.

§         Rural projects should be included.  The size of a project is not important.  Where the work was performed and what rate contractors paid a specific classification in a given locale are the important factors.

For more information, please contact Foley at mail1@laborcommissioner.com or (702) 486-2795.