SUBJECT: Approve the Fiscal Year 2017 Operating Budget for Old Sixth Ward Redevelopment Authority and Fiscal Years 2017 - 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Thirteen (Old Sixth Ward Zone).
RECOMMENDATION: (Summary)
City Council adopts an ordinance approving the Fiscal Year 2017 Operating Budget for Old Sixth Ward Redevelopment Authority and the Fiscal Years 2017 - 2021 CIP Budget for Reinvestment Zone Number Thirteen (Old Sixth Ward Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY17 TIRZ budgets and recommends approval of the FY17 Operating Budget for the Old Sixth Ward Redevelopment Authority (the Authority) and the FY17 – FY21 CIP Budget for Reinvestment Zone Number Thirteen (the Zone).
The total Operating Budget for FY17 is $2,269,006, which includes $827,012 for required fund transfers and $1,441,994 for Project Costs.
The FY17 – FY21 CIP totals $4,520,000 and includes provisions for design and construction of roadway and street reconstruction, public utility improvements and parks.
The FY17 Operating Budget includes $1,075,000 for capital expenditures and $47,000 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed $400,000 require City Council approval.
Attachments: FY17 Operating Budget and FY17 - FY21 CIP Budget
cc:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney