SUBJECT: Ordinance approving the Fiscal Year 2016 Operating Budget for Upper Kirby Redevelopment Authority and the Fiscal Years 2016 - 2020 Capital Improvement Plan (CIP) for Reinvestment Zone Number Nineteen (Upper Kirby Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2016 Operating Budget for Upper Kirby Redevelopment Authority and the Fiscal Years 2016 - 2020 CIP for Reinvestment Zone Number Nineteen (Upper Kirby Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY16 TIRZ budgets and recommends approval of the FY16 Operating Budget for Upper Kirby Redevelopment Authority (Authority) and the FY16 - FY20 CIP for Reinvestment Zone Number Nineteen (Zone).
Total Operating Budget for FY16 is $40,875,377, which includes $981,607 for required fund transfers and $39,893,770 for Project Costs.
The FY16 – FY20 CIP Budget totals $69,809,000, and includes provisions for the design and construction of roadway and street improvements, flood remediation infrastructure, pedestrian safety and mobility improvements and parks.
The FY16 Operating Budget includes $35,050,000 for capital expenditures and $138,650 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed $400,000 require City Council approval.
The Budget includes a municipal services cost payment in FY16 of $392,000 to pay 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.