The Woodlands Township’s fiscal year 2018-19 budget focuses on allocating more revenue dollars to reserves while funding various projects.[/caption]Residents in The Woodlands Township will see a lower property tax rate in the coming year as well as continued planning for the township’s future.
The township board of directors approved the fiscal year 2018-19 budget and property tax rate Aug. 22 at its regular meeting. The tax rate is set at $0.2273 per $100 home valuation—a decrease from the previous rate of $0.23.
Sales and use tax revenue for the township is projected to be $55.1 million, a $1.1 million increase from last year, which has helped to reduce the need for property tax revenue, according to budget documents. Hotel tax revenue is budgeted at $9.7 million.
The township board also approved $124.2 million in expenditures and capital improvement projects, with the balance of $4 million being used to fund reserves.
The budget also includes funding reserves for long-term projects, like $110,000 for future drainage projects.
The board also approved a $10.5 million allocation for the incorporation reserve, which could be used to offset costs should residents of the township vote to incorporate in the future, township Chairman Gordy Bunch said.
The township’s incorporation study has been ongoing since earlier this year.
“For the concerns about the incorporation reserve being where it’s at, I think that’s prudent if we’re going to spend $800,000 of taxpayer dollars trying to show what the transition plan would be if we ever incorporate. We should allocate the funds that will offset the balance to our taxpayers if they decide to vote for it,” Bunch said. “And if they don’t vote for it or if it looks like it’s not a good idea, that money can be used to pay off even more of our debt. ”
