| 9/21/2021 |
Clark County Redevelopment Agency
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Agenda note: DOCUMENT(S) SUBMITTED:
1. Clark County Redevelopment Agency FY2022 Budget (11 pages) submitted by staff
DISCUSSION: Following introduction of the item, the Board was addressed by Jeff Share, Director of Budget and Financial Planning, who advised that the finance department submitted a budget on behalf of the Redevelopment Agency (RDA) per Nevada Revised Statute (NRS) 354; the “Base Year Valuation,’ or the assessed values of parcels within the redevelopment areas, were established as of July 1, 2003; an “increment” is the change in the current assessed values within the RDA compared to the Base Year Valuation; a positive change in increment would generate revenue credited to the RDA; a negative change in increment would reduce the year’s revenue, the RDA receives no revenue in a fiscal year in which the current assessed values fall below the Base Year Valuation (which occurred in Paradise Town in FY2012, FY2014, and FY2015; the Base Year Assessed Valuation for Paradise Town was set at $5.2 million; the Base Year Assessed Valuation for Sunrise Manor Town was set at approximately $7.8 million; and the Base Year Assessed Valuation for Winchester Town was set at $264.6 million; the total Base Year Assessed Valuation for the three towns was $277.7 million, the FY2022 Assessed Values total was $921.8 million, resulting in a total increment of $644.1 million; the property tax bill created from the $644.1 million resulted in approximately $26 thousand tax dollars which will be generated from Paradise Town and Sunrise Manor Town combined, and $7.6 million tax dollars generated from Winchester Town; the FY2022 Budget had a property tax revenue of $7.63 million plus interest earnings for a total of $7.88 million in revenue to be spent throughout the year; the FY2022 projected cash flow was $7.63 million; and interest earnings would be based on the amount of cash collected by the Treasurer during each tax installment.
In response to Commissioner Segerblom, Jeff Share advised that the taxes were collected in four installments, some people pay taxes in full at the beginning of the year which accounts for the varying amounts collected during each installment throughout the year, and some people do not pay their taxes resulting in a delinquency and less interest than anticipated; and further advised that staff was exploring bonds for future redevelopment.
Discussion was held by Commissioner Kirkpatrick, Shani Coleman, Director of Community and Economic Development, and Jeff Share regarding that funds were based on real property tax, gaming properties may be included as determined by a policy decision by the Board, and redevelopment bonds will be brought before the Debt Management Commission per NRS 350. | |
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