SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for South Post Oak Redevelopment Authority on behalf of Reinvestment Zone Number Nine (South Post Oak Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2017 Operating Budget for South Post Oak Redevelopment Authority on behalf of Reinvestment Zone Number Nine (South Post Oak Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY17 TIRZ budgets and recommends approval of the FY17 Operating Budget for South Post Oak Redevelopment Authority (the Authority) on behalf of Reinvestment Zone Number Nine (the Zone).
The total Operating Budget for FY17 is $1,340,568, which includes $561,270 for required fund transfers and $779,297 for project costs.
The project expenses include $27,900 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 FY17 Operating Budget does not have a municipal services charge; the South Post Oak Zone does not have a Capital Improvement Plan (CIP) Budget.
Attachments: FY17 Operating Budget
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney