SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2018 - 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
RECOMMENDATION: (Summary)
City Council adopt an Ordinance approving the Fiscal Year 2018 Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2018 - 2022 CIP Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY18 TIRZ budgets and recommends approval of the FY18 Operating Budget for the Fourth Ward Redevelopment Authority (Authority) and the FY18 – FY22 CIP Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
-
The total Operating Budget for FY18 is $8,089,876, which includes $2,735,267 for required fund transfers and $5,354,609 for Project Costs.
-
The FY18 – FY22 CIP for the Zone totals $14,856,785. The CIP includes provisions for the design and construction of roadway and street reconstruction, pedestrian amenities, utility replacements/upgrades and historical monuments.
- The FY18 Operating Budget includes $5,078,309 for capital expenditures and $241,300 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget in excess of $400,000 require City Council approval.
Attachments: FY18 Operating Budget and FY18 – FY22 CIP Budget
cc:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney