The Reno City Council and Redevelopment Agency Board approved to adopt a $492.5 million City of Reno budget for Fiscal Year 2015/2016 (FY 15/16) today, which includes tax levies and the adoption of the Fee Schedule. The FY 15/16 General Fund budget, or expenditures, is $168.4 million, an increase of about $7 million compared to the FY 14/15 adopted figure of $161.5 million.
The formal budget adoption comes after three earlier Budget Workshops and completion of a citizen input process on budget priorities. Council also approved Special Assessment District fees and the Redevelopment Agency budgets today.
The FY 15/16 City of Reno adopted budget puts increased emphasis on public safety while maintaining reserve levels, beginning funding of long term liabilities, and continuing to pay down debt.
Thirty-two (32) of the recommended 53 additional full-time equivalent positions added to the organization will be in the area of public safety. The projected General Fund Balance for FY 15/16 will be 7%, marking the third consecutive fiscal year that this number has been within the goal of between 7% and 8.3%. Fund balance reserves are critically important for cashflow purposes at the beginning of the fiscal year when revenues have not yet been realized to offset expenses.
The City of Reno continues to target debt reduction, which was also found to be a high citizen priority. The City of Reno’s total debt stands at $518 million, which has decreased more than $100 million from the 2009 high point, which was $648 million.
For the first time the City of Reno will begin to fund its Other Post Employment Benefits (OPEB) liability and costs incurred from worker’s compensation (heart/lung). OPEB will be funded at $536,000 in FY 15/16, and worker’s compensation will be funded at $134,000.
The adopted budget aligns with the five established City Council priorities and puts funding toward downtown revitalization, parks and recreation and other deferred maintenance, and support to launch and implement phase II of the City’s “ReImagine Reno” Master Plan.
Refer to the attached “Budget Highlights” document for more information.
Special Assessment Districts
Council approved the following FY 15/16 assessment rates for the Downtown Maintenance Special Assessment District and the Downtown Police Special Assessment District.
Downtown Maintenance Special Assessment District: The FY 15/16 assessment is $251,564.54. The estimated assessed value for the Maintenance District is up to $82,283,647 resulting in a rate of $.30573 per $100 of assessed value.
Downtown Police Special Assessment District: The FY 15/16 assessment is $1,489,715.14. The estimated assessed value for the district is $275,842,041 resulting in a rate of $.54006 per $100 of assessed value.