In a May 26 board meeting, board of directors Chair Gordy Bunch said the financial information developed as part of the study in early 2020 needs to be updated because it was based on circumstances in 2019.
"We have to adjust all the data points to our current economic positions. ... Our financial analysis was based on 2019," Bunch said. "One of the things we’ll have to do as a board is review the financial analysis and assumptions to our current actual economic conditions."
Throughout 2020 The Woodlands' revenue dropped, particularly in hotel occupancy tax collections due to restricted travel and few events and conferences in the area.
As of the April 30 financial report, the township's revenue was about $909,000 below budget, including sales tax and hotel occupancy tax.
The incorporation study will be made available to the public in the coming months, Bunch said. Public forums and an educational program covering the various elements of the incorporation study will also be planned, he said.
For the township—a special-purpose district—to incorporate into a city, it would have to put an item on the ballot and the measure must be approved by voters.
