SUBJECT: Ordinance approving the Fiscal Year 2016 Operating Budget for the East Downtown Redevelopment Authority and the Fiscal Years 2016 - 2020 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fifteen (East Downtown Zone).
RECOMMENDATION: (Summary)
City Council to adopt an ordinance approving the Fiscal Year 2016 Operating Budget for the East Downtown Redevelopment Authority and Fiscal Years 2016 - 2020 CIP Budget for Reinvestment Zone Number Fifteen (East Downtown Zone).
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 East Downtown Redevelopment Authority (Authority) and the FY16 – FY20 CIP Budget for Reinvestment Zone Number Fifteen (Zone).
Total Operating Budget for FY16 is $5,884,115 which includes $727,265 for required fund transfers and $5,156,851 for Project Costs.
The FY16 – FY20 CIP totals $12,380,000 and includes provisions for the design and reconstruction of roadway and streets, pedestrian safety improvements, mobility improvements and utility upgrades and replacements.
The FY16 Operating Budget includes $3,100,000 for capital expenditures and $50,240 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendment. Adjustments to the budget in excess of $400,000 require City Council approval.
The Department of Public Works and Engineering has reviewed the budget information and has provided input and recommendations accordingly. The five year CIP is consistent with last year’s CIP. Previously, the East Downtown roadway and utility project was shown as one project. In the FY16 Budget, this roadway and utility project is presented in phases.