Mr Reid, who has been in the job for a year, writes in today's sports section of the Otago Daily Times about issues the union faces.
He reveals the amount of cash the Otago Rugby Football Union has lost and "makes no apologies" for trimming $900,000 off its expenses this year.
"In simple terms, we have spent more than we have earned and have borrowed against our asset base [Carisbrook] to fund the business," Mr Reid writes.
"I make no apologies for trying to rectify this and get our finances under control."
Otago finished a disappointing 10th in the Air New Zealand Cup, failing to make the play-offs.
Mr Reid admits the public has been starved of success on the field and mistakes have been made in recruitment and retention.
He says he has always endeavoured to be open and honest, and to try to find out what Otago and Highlanders rugby is about.
There was a perception the union was arrogant and he had worked hard to try to eliminate that perception.
He felt the union tried hard to communicate and was doing better at that but there was still some improvement needed.
A comprehensive review of rugby in Otago, both professional and amateur, would begin shortly, Mr Reid said.
