The spin-fluctuation spectrum of an extended t-J model appropriate to bilayer Y-Ba-Cu-0 is investigated within a renormalized-mean-field approach. Strong antiferromagnetic correlation between bilayers is found.for realistic values of the interplane coupling in a regime where the inplane susceptibility is strongly exchange enhanced even though the antiferromagnetic correlation length is short. The influence of spin pairing on the spin-fluctuation spectrum, in this case via a d-wave order parameter, is included. The model predicts a strong energy dependence of the modulation in the vicinity of the characteristic energy for spin fluctuations.