SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for South Post Oak Redevelopment Authority and the Fiscal Years 2018 – 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Nine (South Post Oak Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 (FY18) Operating Budget for South Post Oak Redevelopment Authority and the Fiscal Years 2018 – 2022 (FY18-22) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Nine (South Post Oak Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY18 TIRZ budgets and recommends approval of the FY18 Operating Budget for South Post Oak Redevelopment Authority (the Authority) and the FY18 – FY22 CIP Budget for Reinvestment Zone Number Nine (the Zone).
- The total Operating Budget for FY18 is $2,774,179, which includes $454,179 for required fund transfers and $2,320,000 for project costs.
- The FY18 – FY22 CIP Budget totals $10,745,000, providing infrastructure to improve safety and mobility and promote economic development.
- The FY18 Operating Budget includes $1,850,000 for capital expenditures and $54,000 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the FY 18 Operating Budget that exceed $400,000 require City Council approval.
- The FY18 Operating Budget does not include a municipal services charge.
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