By Fox23.com News Staff
TULSA, Okla. — The City of Tulsa has began making recommended funding amendments as it implements a multi-year budget strategy that will address community and economic development needs.
In 2016, three propositions were taken to Tulsa voters. A component of the package was Proposition 3, which created a funding stream for economic and community development projects across the City.
When the package passed, projects ranging from the Gilcrease Museum expansion to safety improvements across school districts, were identified and all voter-approved projects are either already fully funded, or are on track to be funded through 2031.
The City said with the Vision Tulsa fund overperforming projections, a fund balance of $103 million is available in Vision 2016 and would be available for one-time uses over a multi-year period.
With an ordinance change, the one-time fund balance could be used to address pressing needs and unfunded capital economic commitments.
The City said it’s important to note that Title 43-K amendments only focus on the portion of funds that must be amended through this process, per City ordinances.
Some economic development items that live within the general fund, such as current economic incentives, could transfer to Vision 2016 fund use, opening up the general fund for true operational needs, since the general fund serves as the primary operating budget for the City.
- $25 million to complete the new Public Safety Center and keep in line with the Arena District Master Plan
- $23.5 million to fund programs, improvements and facilities to address homelessness
- $18.9 million to support the future of Tulsa Municipal Court and the City lockup facility
- $18.5 million to empower neighborhoods with the tools needed to strengthen neighborhoods and grow the local economy
- $4.5 million for funding of General Fund economic development initiatives
The City said the selected projects are mostly unfunded commitments that would create stronger economic and community outcomes while aligning with the Arena District Master Plan and City needs.
Mayor Monroe Nichols introduced this concept in his April 22 budget proposal to help fund community priorities within the financial confines of the City’s funding sources.
If the amendments do move forward, the City plans to use around $40 million in Vision 2016 funding for the upcoming fiscal year.
You can read Mayor Nichols’ speech and review the proposed budget by clicking here.
