ORDINANCE relating to the Fiscal Affairs of GULFGATE REDEVELOPMENT AUTHORITY on behalf of Reinvestment Zone Number Eight, City of Houston, Texas (Gulfgate Zone); approving the Fiscal Year 2015 Operating Budget for the Authority - DISTRICT I - GALLEGOS

The Administration has undertaken a comprehensive review of the proposed FY 15 TIRZ budgets and recommends approval of the FY 15 Operating Budget for the Gulfgate Redevelopment Authority (the Authority).

• Total Operating Budget for FY 15 is $1,815,169, which includes $453,207 for required fund transfers and $1,361,962 for Project Costs.
• The FY 15 Operating Budget includes $27,800 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.