FOR IMMEDIATE RELEASE

CONTACT: Adam Mayberry, (775) 353-7894

 

Sparks, NV – Today, by a vote of 4-1 (Ratti - No) the Sparks City Council approved the Sparks Fiscal Year (FY) 2010-11 Budget, which takes effect July 1, 2010.

 

The City's general fund budgeted expenditures and transfers for FY 2010-11 equate to $55,381,668, down 12.2% from one year ago.

 

Since 2007, the city has eliminated or frozen more than 200 positions and has successfully worked with employee groups to achieve wage & benefit reductions.  Numerous city programs and services have also been reduced or eliminated.  As part of the plan to balance the FY 2010-2011 budget, the City has laid off 27 employees.

 

In FY 2010-11, property taxes are expected to be $20.3 million, a decrease of 6.8 percent from FY 2009-10 estimates, resulting from a $249 million decrease in assessed property values.   

 

Sparks is also projecting $15.6 million in revenue from Consolidated Taxes, representing a 4.0 percent decrease from fiscal year 2009-2010.  Revenue associated with business activity, including business licenses and franchise fees, is estimated to be $9.6 million, also representing a decrease of 4.0 percent from fiscal year 2009-2010.

 

Based upon the severity of this economic downturn, the City is not expecting revenues to recover for many years – possibly a decade or more.

 

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