I-Team: Henderson city manager has filed for bankruptcy twice

I-Team

HENDERSON, Nev. (KLAS) — The I-Team has learned the person in charge of managing the City of Henderson’s money has personally filed for bankruptcy twice.

Richard Derrick was appointed the city manager and CEO of Henderson in 2018. He was originally hired as the finance director there in 2010.

Court records reveal he and his wife first filed for bankruptcy the year before, listing their assets and liabilities both over $1 million. Assets were listed at $1,152,025, while liabilities were listed at $1,169,036.

The properties they listed included a home in Seven Hills and two condos, two cabins and land in Utah.

The case was dismissed, and the following year, records reveal they filed a second time for bankruptcy.

The I-Team reached out to Derrick. He provided a statement, which reads:

Like many individuals and businesses that were devastated by the Great Recession of 2008, I too suffered a financial loss on a personal business investment and made the difficult decision to restructure the debt through bankruptcy. This is a private business matter that happened more than a decade ago and I fulfilled all my financial obligations at that time. It has no bearing on my current role with the City of Henderson.

Richard Derrick

We also reached out to the City of Henderson for comment. A spokeswoman emailed us back saying that city employees are not required to disclose personal financial information, but the mayor and council are aware of Derrick’s bankruptcy.

She also provided a statement:

Richard Derrick joined the City of Henderson in 1999 as the Manager of Budget and Strategic Management and due to his exemplary leadership and fiscal stewardship, was promoted to increasingly more responsible management positions with the City that culminated with his appointment as City Manager in July 2018.

During his 21 years with the City, Richard has demonstrated time and again his strong capabilities for financial planning and proven his capacity to meet the City’s financial commitments. Richard’s fiscal policies directly contributed to the City’s recovery from the Great Recession and resulted in Henderson achieving the highest bond rating among the incorporated cities in Nevada.

A personal investment loss that he restructured more than a decade ago during a global financial crisis has no bearing on his current role as the Chief Executive Officer for the City of Henderson. Richard will continue to have the full confidence and support of Mayor Debra March and the Henderson City Council.

Kathleen Richards, City of Henderson

To learn more about Derrick, click here for his official biography.

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