SUBJECT: Ordinance approving the Fiscal Year 2019 Operating Budget for Saint George Place Redevelopment Authority and the Fiscal Years 2019 - 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number One, City of Houston, Texas (Saint George Place Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2019 Operating Budget for Saint George Place Redevelopment Authority and the Fiscal Years 2019 - 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number One, City of Houston, Texas (Saint George Place Zone).
SPECIFIC EXPLANATION:
The administration has undertaken a comprehensive review of the proposed FY19 TIRZ budgets and recommends approval of the FY19 Operating Budget for the Saint George Place Redevelopment Authority (the “Authority”) and the FY19 - FY23 CIP Budget for Reinvestment Zone Number One (the “Zone”).
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Total Operating Budget for FY19 is $11,401,783 which includes $2,768,795 for required fund transfers and $8,632,988 for Project Costs.
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The FY19 – FY23 CIP Budget totals $56,384,000 and includes provisions for street reconstruction, utilities and detention improvements.
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The FY19 Operating Budget includes $6,837,000 for capital expenditures and $78,700 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.
Attachments: FY19 Operating Budget and FY19 - FY23 CIP Budget
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Andrew F. Icken, Chief Development Officer