SUBJECT: Ordinance approving the Fiscal Year 2016 Operating Budget for the Lake Houston Redevelopment Authority and Fiscal Years 2016-2020 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Ten (Lake Houston Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2016 Operating Budget for the Lake Houston Redevelopment Authority and the Fiscal Years 2016-2020 CIP Budget for Reinvestment Zone Number Ten (Lake Houston Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY16 budgets and recommends approval of the FY16 Operating Budget for the Lake Houston Redevelopment Authority and FY16 - FY20 CIP Budget for Tax Increment Reinvestment Zone Number Ten (Lake Houston Zone).
Total Operating Budget for FY16 is $16,003,980, which includes $10,514,394 for required fund transfers and $5,489,586 for Project Costs.
The FY16 Operating Budget includes $137,650 for administration and overhead. The Zone must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed the lessor of $400,000 or 5% of project costs require City Council approval.
The budget includes a municipal services cost payment in FY16 of $490,000 to pay for the incremental costs of providing services in the area of the Zone.
Attachments: FY16 Operating Budget and FY16 - FY20 CIP Budget
cc: Marta Crinejo, Agenda
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney