SUBJECT: Ordinance approving the Fiscal Year 2016 Operating Budget for Southwest Houston Redevelopment Authority and the Fiscal Years 2016 - 2020 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty (Southwest Houston Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2016 Operating Budget for Southwest Houston Redevelopment Authority and the Fiscal Years 2016 - 2020 CIP Budget for Reinvestment Zone Number Twenty (Southwest Houston Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY16 TIRZ budgets. The Administration recommends approval of the FY16 Operating Budget for the Southwest Houston Redevelopment Authority (Authority) and the FY16 - FY20 CIP Budget for Reinvestment Zone Number Twenty (Zone).
Total Operating Budget for FY16 is $20,630,216 which includes $824,220 for required fund transfers and $19,805,996 for Project Costs.
The FY16 - FY20 CIP for the Zone totals $29,698,635 and consists of provisions for the design and construction of sidewalks and related pedestrian safety infrastructure, storm water drainage infrastructure, detention basins including land acquisition, parks and hike and bike trails.
The FY16 Operating Budget includes $15,036,635 for capital expenditures and $118,000 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget of $400,000 or more require City Council approval.
The budget includes a municipal services cost payment in FY16 of $446,000 to pay for the incremental cost of providing services to the area.
The Department of Public Works and Engineering has received the budget information and has provided input and recommendations accordingly. Generally, the five year CIP is consistent with last year’s CIP.
Attachments: FY16 Operating Budget and FY16 - FY20 CIP Budget and PWE CIP Memo.