SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the Memorial City Redevelopment Authority and the Fiscal Years 2018 – 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen (Memorial City Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for Memorial City Redevelopment Authority and the Fiscal Years 2018 – 2021 CIP Budget for Reinvestment Zone Number Seventeen (Memorial City Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY18 TIRZ budgets and recommends approval of the FY18 Operating Budget for the Memorial City Redevelopment Authority (the “Authority”) and the FY18 – FY22 CIP Budget for Reinvestment Zone Number Seventeen (the “Zone”).
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Total Operating Budget for FY18 is $21,298,232 which includes $3,086,573 for required fund transfers and $18,211,659 for Project Costs.
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The FY18 – FY22 CIP Budget totals $121,097,100 and includes provisions for street reconstruction, drainage and detention projects.
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The FY18 Operating Budget includes $12,042,100 for capital expenditures and $134,290 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.
- 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 $2,256,619 to pay for the incremental cost of providing services to the area.
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