Las Vegas Sun

October 25, 2014

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Las Vegas City Council:

Report to offer forecast of city’s financial health

Image

Steve Marcus

A view of the city council chambers during the dedication of the new city hall in downtown Las Vegas Monday, March 5, 2012.

A short agenda awaits the Las Vegas City Council as members return from the holiday break. The council will use the lull in activity to review its financial forecast and receive reports from several initiatives when members meet at 9 a.m. Wednesday at City Hall, 495 S. Main St.

Financial outlook

The city is still operating in the red despite across-the-board cuts in recent years to attempt to balance the budget.

Property tax revenues that tanked during the recession are recovering, but slowly, contributing to the city’s financial malaise. The city tapped $10 million in reserves to cover a budget deficit this year, leaving about $93 million in the fund.

Council members will receive an update on the city’s financial forecast for the coming year, which could give insight into how the Las Vegas economy is recovering and what next year’s budget might look like.

Other reports

In addition to the financial forecast, the city will conduct a review of its redevelopment agency and other city-affiliated nonprofit agencies, which manage various properties, including Symphony Park.

The council also will receive an update on the effectiveness of its 2009 ordinance mandating pets be spayed and neutered, including its impact on animal control and local animal shelters.

A separate presentation from the information technology department will cover ongoing efforts to improve the city’s technological presence, including ways to use technology to increase government transparency and make it easier for residents to do business with the city.

Businesses grants

A trio of local businesses is applying for grants through the city’s redevelopment agency that could be approved Wednesday.

1800 Industrial LLC is requesting $50,000 toward renovation of a space in an office building at 1800 S. Industrial Road. The company behind the project, which is investing $212,000 into the renovation, is looking to capitalize on the growth of the Arts District to the north by providing an alternate space for tenants turned off by the high rents in the area, according to documents submitted to the city.

Art of Flavors, a recently opened gelato shop at 1616 Las Vegas Blvd. South, is applying for $17,675 in grants to offset costs of renovating its building.

A third grant application has been submitted by Mercado 888, which owns a shopping center near Rainbow Boulevard and Charleston Boulevard. The company is applying for a $50,000 grant to help improve the facade of the shopping center in an attempt to improve its low vacancy rate.

All three applications will be considered during the redevelopment agency meeting, which starts at 8:30 a.m. Wednesday at City Hall.

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