The Agency’s Chief Administrative Officer and Chief Financial Officer are presenting the Chief Administrative Officer’s final budget recommendations for fiscal year 2018-2019 (FY19).  Today, the Agency Board is asked to direct the Chief Administrative Officer in preparing the Agency’s final budget document for submission to the State of Nevada.  City staff has filed the tentative budget for FY19 based upon direction received at the February 26, 2018 budget workshop, and the Agency Board will hold a public hearing to receive public comment on the FY19 tentative budget at its regularly scheduled Agency meeting on May 29, 2018.  Immediately following the public hearing on the FY19 tentative budget, the Chief Administrative Officer and Chief Financial Officer will present the FY19 final budget for approval which will be prepared based upon direction received today. 

In accordance with Nevada Revised Statute (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 that 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 and 2, providing an overview of the expectations for FY18 and recommendations for FY19.

Agency members could also choose alternatives other than the recommendations presented today and direct the Chief Administrative Officer to prepare a final budget for fiscal year 2018-2019 accordingly.

I move to approve the Chief Administrative Officer’s final budget recommendations for the City of Sparks Redevelopment Agency, Areas 1 and 2, for fiscal year 2018-2019.