SUBJECT: Ordinance approving the Fiscal Year 2016 Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2016 - 2020 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
RECOMMENDATION: (Summary)
City Council adopt an Ordinance approving the Fiscal Year 2016 Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2016 - 2020 CIP Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY16 TIRZ budgets and recommends approval of the FY16 Operating Budget for the Fourth Ward Redevelopment Authority (Authority) and the FY16 –FY20 CIP Budget for Reinvestment Zone Number Fourteen (Zone).
The total Operating Budget for FY20 is $6,708,735, which includes $2,779,126 for required fund transfers and $3,929,609 for Project Costs.
The FY16 – FY20 CIP for the Zone totals $12,861,785. The CIP includes provisions for the design and construction of roadway and street reconstruction, pedestrian amenities, utility replacements/upgrades and historical monuments.
The FY16 Operating Budget includes $3,683,309 for capital expenditures and $211,300 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget in excess of $400,000 require City Council approval.
The budget includes a municipal services cost payment in FY16 of $446,000 for the incremental cost of providing services to the area.
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.
Attachments: FY16 Operating Budget and FY16 – FY20 CIP Budget
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney