The Agency’s Chief Administrative Officer and Chief Financial Officer are presenting the Chief Administrative Officer’s final budget recommendations for fiscal year 2020-2021 (FY21).  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 FY21 based upon direction received at the February 24, 2020 budget workshop, and the Agency Board will hold a public hearing to receive public comment on the FY21 tentative budget at its regularly scheduled Agency meeting on May 25, 2020.  Immediately following the public hearing on the FY21 tentative budget, the Chief Administrative Officer and Chief Financial Officer will present the FY21 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 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 FY20 and budget recommendations for FY21. 

FY20 Repayment of subsidies made by the City’s General Fund during FY13 & FY14:

Approval is also being sought today under a separate agenda item to execute a transfer of $1,111,580 from Redevelopment Agency Area #2 to the City’s General Fund in FY20 to repay the subsidies made by the City to the Redevelopment Agency Area #2 during FY13 and FY14.  The proposed FY20 transfer is reflected in the attached financial summary documents presented with this staff report, and will be included in the FY21 final budget documents that will be filed with the State of Nevada pending final approval of the FY21 budget by the Redevelopment Agency on May 25, 2020.

1. Agency members could approve the fiscal year 2020-2021 final budget recommendations presented today.
2. Agency members could reject the fiscal year 2020-2021 final budget recommendations and provide direction to the Chief Adminstrative Officer.

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 2020-2021.