Attached are the Final Budgets for the City of Sparks Redevelopment Agency, Areas 1 and 2 that will be filed with the Department of Taxation on or before June 1, 2017. 

Redevelopment Area 1 (RA1)

There are no changes from the City Manager Recommendations presented to Council on April 24, 2017 with the exception of a few immaterial clean-up items discovered during the preparation of the final document. 

Redevelopment Area 2 (RA2)

There was a change to FY17 Estimates in RA2 since the City Manager Budget Recommendations were presented to Council on April 24, 2017:

• FY17 expenditure estimates were increased $88K to reflect the bond counsel and financial advisor fees paid in FY17 in relation to the refinancing of RA2 Tax Increment Revenue Bonds, Series 2008.

Agency members could choose to approve the Final budget, as presented today, for fiscal year 2017-2018.

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, 2017.  If Agency members fail to adopt the Final budget by that date, the Tentative Budget automatically becomes the budget for fiscal year 2017-2018.  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, 2017, 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.

I move to adopt the Final budgets for the Redevelopment Agency of the City of Sparks, Areas 1 and 2, as presented today, for fiscal year 2017-2018.