SUBJECT: Ordinance approving the Fiscal Year 2016 Operating Budget for Redevelopment Authority and Fiscal Years 2016-2020 Capital Improvement Plan (CIP) for Reinvestment Zone Number Eleven (Greater Greenspoint Zone).
RECOMMENDATION: (Summary)
Ordinance approving the Fiscal Year 2016 Operating Budget for Redevelopment Authority and Fiscal Years 2016-2020 Capital Improvement Plan (CIP) for Reinvestment Zone Number Eleven (Greater Greenspoint 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 Reinvestment Zone Number 11 (Greater Greenspoint Zone).
Total Operating Budget for FY16 is $10,118,433, which includes $309,674 for required fund transfers, and $9,808,759 for project costs.
The FY16-FY20 CIP Budget totals $43,110,000, and includes provisions for street and drainage improvements, park improvements, fire station improvements, streetscape improvements, and erosion control.
The FY16 Operating Budget includes $243,200 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 Department of Public Works and Engineering has received the budget information and has provided input and recommendations accordingly. The five year CIP is consistent with last year’s CIP.
Attachments: FY16 Operating Budgets and FY16-FY20 CIP Budget and PWE CIP Memo.