City of Reno Adopts Fiscal Year 2014/2015 Budget - KTVN Channel 2 - Reno Tahoe News Weather, Video -

City of Reno Adopts Fiscal Year 2014/2015 Budget

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From the City of Reno:

The Reno City Council and Redevelopment Agency Board adopted the City of Reno budget for Fiscal Year 2014/2015 (FY 14/15) today. The formal adoption comes after two earlier Budget Workshops during which public input was heard and Council provided staff with direction to prepare the Final Budget, which includes tax levies and the adoption of the Fee Schedule.

Highlights from the approved City of Reno budget, in accordance with the four established City Council priorities, include:
*    Provide Safe and Livable Neighborhoods: Seventeen (17) firefighter positions that were previously funded by a federal SAFER grant were retained and are intended to be a permanent part of future budgets. This is in light of the fact that 50 firefighter positions will not be funded after July 1, 2014 due to the SAFER grant not being awarded to the City of Reno.
*    Provide Efficient and Responsive City Services: The adopted budget provides improvements such as safety and cleanliness downtown and a core services analysis to ensure efficient delivery of City services.
*    Promote a Sustainable and Vibrant Economy: The adopted budget makes progress in putting the City of Reno on solid financial ground by paying off the $3.7 million City Hall debt and securing Fund Balance (reserves) that will be greater than 7%. The Fee Schedule will see decreased rates in the areas of planning and engineering and the addition of a $500 fee for a Medical Marijuana Establishment Zoning Verification Letter.
*    Enhance Communication and Community Engagement: A comprehensive community visioning and master planning process, called ThinkReno 2035, consists of building a strategic plan for the city’s future.

More information can be found here or in the attached Budget Highlights PDF. A detailed overview of the two aforementioned Budget Workshops are below:

May 7, 2014: http://www.reno.gov/Home/Components/News/News/10357/576

April 23, 2014: http://www.reno.gov/Home/Components/News/News/10317/576

Special Assessment Districts
Council also approved the FY 14/15 assessment rates for the Downtown Maintenance Special Assessment District and the Downtown Police Special Assessment District. These rates are then applied to the assessed value for each property/parcel to determine the actual assessment.
Downtown Maintenance Special Assessment District: The FY14/15 assessment is $224,010.50, an increase of 1.5% over 13/14. The estimated assessed value for the district is up to $77,889,142 resulting in a rate of $.2876 per $100 of assessed value.

Downtown Police Special Assessment District: The FY14/15 assessment is $1,520,000. The estimated assessed value for the district based on the expanded boundaries is $266,944,355. The proposed rate is $.5691 per $100 of assessed value.

Somersett Parkway Special Assessment District (related news): The City of Reno recently completed the refinancing of the 2002 Special Assessment District (SAD) No. 4 (Somersett Parkway) Limited Obligation Improvement Bonds in the amount of $5,535,000. The bonds were originally issued in 2003 at a principal amount of $18 million.

With the current bond market, there is interest savings being passed directly to the property owners in the Somersett region at an amount of approximately $1.75 million, with no extension to the bond term. These bonds are paid from the assessments collected on the applicable parcels within the district; therefore, there is no impact to the General Fund.

Individual savings for parcels are dependent upon remaining assessments on each parcel. For an average residential property, the annual savings will be approximately $100 per year.

From the City of Reno
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