SUBJECT:
Ordinance approving the Fiscal Year 2016 Operating Budget for the City Park Redevelopment Authority
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2016 Operating Budget for the City Park Redevelopment Authority.
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY16 TIRZ budgets and recommends approval of the FY16 Operating Budget for the City Park Redevelopment Authority (the Authority).
Total Operating Budget for FY16 is $842,447, which includes $242,787 for required fund transfers and $599,659 for project costs.
The FY16 Operating Budget includes $19,000 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.
Attachment: FY16 Operating Budget
cc: Marta Crinejo, Agenda
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney