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, 2020. 

Redevelopment Area 1 (RA1)

There are no material changes from the Chief Administrative Officer's Recommendations presented to the Agency on April 27, 2020. 

Redevelopment Area 2 (RA2)

There are no material changes from the Chief Administrative Officer's Recommendations presented to the Agency on April 27, 2020. 

Adjustment to the Final Budget, adopted by Agency members by June 1, 2020, 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.

Agency members could choose to approve the Final fiscal year 2020-2021 budget as presented today.

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, 2020.  If Agency members fail to adopt the Final budget by that date, the Tentative Budget automatically becomes the budget for fiscal year 2020-2021.  If the budget is adopted by default, the Agency board may not reconsider the budget without express approval of the Department of Taxation.

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 2020-2021.