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, 2018. 

Redevelopment Area 1 (RA1)

There are no changes from the Chief Administrative Officer's Recommendations presented to the Agency on April 23, 2018 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 FY18 Estimates in RA2 since the Chief Administrative Officer's Budget Recommendations were presented to the Agency on April 23, 2018:

• FY18 revenue estimates were decreased $37K to reflect the fact that the Note/Loan investment interest that amount represented will not be collected in FY18 as the purchaser of the land paid off the notes early in FY17.

Agency members could choose to approve the Final budget, as presented today, for fiscal year 2018-2019.

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, 2018.  If Agency members fail to adopt the Final budget by that date, the Tentative Budget automatically becomes the budget for fiscal year 2018-2019.  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, 2018, 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 2018-2019.