2013 9:00:00 AM

Tuesday, May 21, 2013 9:00 AM
City Council Chambers, Legislative Building, 745 Fourth St, Sparks, NV

Item Number: 5

Title: Consideration and possible adoption of the Final budgets for the Redevelopment Agency of the City of Sparks, Districts 1 and 2, for fiscal year 2013-2014

Petitioner/Presenter: Shaun D. Carey P.E., Chief Administrative Officer/Jeff Cronk, CPA, Chief Financial Officer

Recommendation: That the board adopt the Final budgets as prepared by staff.

Financial Impact: N/A

Business Impact (Per NRS 237):
A Business Impact Statement is not required because this is not a rule.

Agenda Item Brief: In accordance with NRS 354.598, the Agency must adopt a Final budget for the Redevelopment Agency of the City of Sparks, Districts 1 and 2, on or before June 1, 2013. The budget must be filed with the Department of Taxation in accordance with specific instructions for categorizing revenue and expenditures, and must be presented using prescribed filing forms and formats.

Background: The Department of Taxation has reviewed the Tentative Budgets for the Redevelopment Agency of the City of Sparks, Districts 1 and 2, for fiscal year 2013-2014 to assure compliance with State regulations. The Department of Taxation has issued a statement for each District, indicating that the tentative budgets are in compliance as filed. Attached are the Final Budgets for the City of Sparks Redevelopment Agency, Districts 1 and 2, that will be filed with the Department of Taxation on or before June 1, 2013. There are no changes from the City Manager Recommendations approved by Council on 4/22/13.

Analysis:

Alternatives: Agency members could choose to approve the Final budget, as presented today, for fiscal year 2013-2014. Agency members could request changes be made and approve the budget with changes. Agency members could choose not to approve the presented budget and instead adopt by default the Tentative budget. Per NRS 354.598, the Redevelopment Agency must adopt a Final budget before June 1, 2013. If Agency members fail to adopt the Final budget by that date, the Tentative Budget automatically becomes the budget for fiscal year 2013-2014. If the budget is adopted by default, the Agency board may not reconsider the budget without express approval of the Department of Taxation. Adjustment to the Final Budget, adopted by Agency members by June 1, 2013, can be made to accommodate events during the fiscal year which may affect revenue and expenditure assumptions used in the formulation of the Final Budget. If adjustments are necessary due to Legislative actions, an amended budget must be filed within 30 days after the close of the legislative session.

Recommended Motion: I move to adopt the Final budgets for the Redevelopment Agency of the City of Sparks, Districts 1 and 2, as presented today, for fiscal year 2013-2014.

Attached Files:

FY14 FINAL Budget - RA1.pdf

FY14 FINAL Budget - RA2.pdf

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