Henderson redevelopment agency approves tentative $114.5 million FY2025-26 budget; $7.2M school set-aside

The Henderson Redevelopment Agency unanimously approved a tentative FY2025-26 budget that projects steep tax-increment growth and includes a $7.2 million Clark County School District set-aside.

Anthony Malloy, representing the redevelopment agency, told the board the agency expects incremental assessed value to rise roughly 10% from $2.6 billion to $2.9 billion and total tax-increment revenue to grow about 18%, from $43 million to $50.5 million across the city’s five redevelopment areas. "We are anticipating the issuance of bonds in this next fiscal year in the amount of $62,000,000 that will be issued from the East Side Redevelopment Area," Malloy said, noting the bond would return to the board for a separate hearing if it proceeds.

The tentative budget lists total expenditures of $114,500,000 and an anticipated ending fund balance of about $67,200,000, roughly half of which Malloy said would be available funds. The budget also includes funding toward a second early-childhood daycare/preschool in Henderson’s East Side redevelopment area and an allocation for the remodel of Fire Station 84 at Valley Verde and Warm Springs.

Malloy said the agency will post the tentative budget online and submit it to the Nevada Department of Taxation for the required 30-day review period before final adoption next month. "During the next 30 days, residents will be able to review the budget, provide any comments before we come back next month for the adoption of the final budget," he said.

Council members asked for context on the education set-aside. One council member noted the $7.2 million set-aside "has doubled in a couple of years," and Malloy attributed the jump largely to growth driven by the Cadence Master Plan, which he said accounts for more than 70% of the East Side tax increment. Malloy added the East Side is approximately half built out and that remaining land sales are expected to close within about 12 to 18 months, which he said will sustain further revenue growth.

On sunset dates for redevelopment areas, Malloy gave the following timelines: the East Side sunsets in 2051, Lakemore Canyon has about 43 years remaining before sunset, and the downtown redevelopment area sunsets in October 2040.

Mayor Romero praised redevelopment staff for recent progress in older parts of the city and thanked Malloy and his team for a "healthy budget." Romero also clarified allowable uses of redevelopment funds: except for redevelopment staff, the funds "cannot be used for people or equipment, but only physical improvements," a point Malloy confirmed.

The board took a procedural vote to accept the tentative budget; the meeting’s vote announcer reported that all council members voted in favor of the motion made by Councilman Stewart and that the motion carried. Earlier in the meeting the board had also voted to approve the agenda and to adopt the minutes of March 18, 2025; both motions were announced as carried unanimously.

The agency will post the tentative budget and accept public comment during the 30-day review period before returning to the board for final adoption.