Approval of the attached final budget document establishes the fiscal year 2019-2020 budget for all the Funds that are utilized by the City.

The final budget, as presented today, is essentially identical to the City Manager’s Budget Recommendations presented to Council on April 22, 2019 with the exception of a few clean-up items discovered during the preparation of the final document, mainly the item listed below?:

1. $150K was added to the Development Services Enterprise Fund’s Professional Services budget.  It was discovered that the we had neglected to include this amount for third-party fire plan review services that will occur in FY20.  There are sufficient resources in the Fund to cover this additional amount.

The item listed above did not change any fiscal policy outcomes from what was presented to Council on April 22, 2019.  FY19 estimated ending fund balance remains at 12.0% and the FY20 budgeted ending fund balance remains at 6.0%.

Within the attached budget document is a letter from the Chief Financial Officer titled “Budget Message” that is intended to provide an overview of the fiscal year 2019-2020 budget.  Included in this budget message is information concerning all Funds maintained by the City with emphasis placed upon the final budget outcomes within the General Fund.

Council could choose to approve the final budget, as presented today, for fiscal year 2019-2020.

Council could request changes be made and approve the budget with changes.

Council could choose not to approve the presented budget and instead adopt by default the tentative budget.  Per NRS 354.598, Council must adopt a final budget for the City by June 1, 2019.  If Council does not adopt the final budget by that date, the tentative budget automatically becomes the budget for fiscal year 2019-2020.  If the budget is adopted by default, the Council may not reconsider the budget without express approval of the Department of Taxation.

Adjustment to the final budget, as adopted by Council by June 1, 2019, 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 budget for the City of Sparks for fiscal year 2019-2020 as presented.