The Agency’s Chief Administrative Officer and Chief Financial Officer are presenting the Chief Administrative Officer’s final budget recommendations for fiscal year 2016-2017 (FY ’17).  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 will file the tentative budget for FY ‘17, and the Agency Board will hold a public hearing to receive public comment on the FY ‘17 tentative budget at its regularly scheduled Agency meeting on May 23, 2016.  Immediately following the public hearing on the FY ’17 tentative budget, the Chief Administrative Officer and Chief Financial Officer will present the FY ’17 final budget for 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 or Agency’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 ‘17.  

Agency members could also choose alternatives other than the recommendations presented today, and direct staff to prepare a final budget for fiscal year 2016-2017.

“I move to approve the Chief Administrative Officer’s final budget recommendations for the City of Sparks Redevelopment Agency, Areas 1 & 2, for fiscal year 2016-2017.”