The Agency’s Chief Administrative Officer and Chief Financial Officer are presenting the Chief Administrative Officer’s final budget recommendations for fiscal year 2015-2016 (FY ’16).  Today, the Agency Board is asked to direct staff in preparing the Agency’s final budget document for submission to the State of Nevada.  City staff has filed the tentative budget for the FY ‘16, and the Agency Board will receive public comment on the FY ‘16 tentative budget on Tuesday morning, May 19, 2015 at 9:00 am.  Immediately following the public hearing on the tentative budget, the Chief Administrative Officer and Chief Financial Officer will present the final budget for final approval which will be prepared based upon direction received today.

In accordance with NRS 354.598, the final budget for the City and Redevelopment Agency must be filed with the Nevada Department of Taxation by June 1 annually.  During years in which the Legislature is in session, should the Legislature take action which affects the City’s budget for the subsequent fiscal year, an additional 30 days would be granted to file an amended budget if necessary.

Attached to this agenda are summary financial information for the Redevelopment Agency Areas 1 & 2, providing an overview of the expectations and recommendations for FY ‘16. 

Agency members could also choose alternatives other than those presented today, and direct staff to prepare a final budget for fiscal year 2015-2016.

“I move to approve the Chief Administrative Officer’s recommendations for the City of Sparks Redevelopment Agency, Areas 1 & 2, final budget for fiscal year 2015-2016.”