SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for Upper Kirby Redevelopment Authority and the Fiscal Years 2018 -2022 Capital Improvement Plan (CIP) for Reinvestment Zone Number Nineteen (Upper Kirby Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for Upper Kirby Redevelopment Authority and the Fiscal Years 2018 - 2022 CIP for Reinvestment Zone Number Nineteen (Upper Kirby Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY18 TIRZ budgets and recommends approval of the FY18 Operating Budget for Upper Kirby Redevelopment Authority (the “Authority”) and the FY18 - FY22 CIP for Reinvestment Zone Number Nineteen (the “Zone”).
- Total Operating Budget for FY18 is $40,510,855, which includes $3,749,621 for required fund transfers and $36,761,234 for Project Costs.
- The FY18 – FY22 CIP Budget totals $121,398,496, and includes provisions for the design and construction of roadway improvements, drainage system improvements and park facilities.
- The FY18 Operating budget includes $31,008,496 for capital expenditures and $374,700 for administration and overhead.
- The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed $400,000 require City Council approval.
- The Budget includes a municipal services cost payment in FY18 of $3,025,573 to pay for the incremental cost of providing services to the area.
Attachments: FY18 Operating Budget and FY18 - FY22 CIP
Cc Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney