The fiscal year in The Woodlands runs from January to December.
According to preliminary information presented by Monique Sharp, the township’s general manager for finance and administration, the FY 2022 preliminary base budget includes $134.21 million in total revenue, including $57.9 million in projected sales tax revenue, up from the 2021 forecast of $56.2 million. In contrast, sales tax revenue dropped to $48.6 million in 2020 after hitting $55.9 million in 2019, Sharp said.
"Based on the positive trends we're seeing ... we are very confident in being about to raise our 2021 budget up by about 3.5% to the 2021 forecast amount ... and then another 3% to get to our 2022 budget of $57.9 [million]," Sharp said.
The preliminary base budget is based on the current property tax rate of $0.2231 per $100 valuation. It does not include budget initiatives, which will be discussed at the August budget workshops. Expenditures are projected to be lower than the 2021 budget, largely because of a decrease of more than $4 million in capital projects, Sharp said.
The budget includes no new staff, remaining at 531.7 full-time-equivalent employees. However, a general 2.25% wage increase is planned, Sharp said.
Looking forward in its five-year plan, The Woodlands expects to keep an annual incorporation reserve balance of $20.78 million, Sharp said.
The projections will be adjusted in August once certified property tax revenues and the latest sales tax revenue numbers are available, board Chair Gordy Bunch said.
Budget workshops will be held beginning at 8:30 a.m. each day Aug.16-18 with an expected vote on a proposed tax rate at the Aug. 19 meeting, which will begin at 8:30 a.m. A workshop Aug. 20 could be held if necessary. A public hearing on the proposed tax rate will be held at 5 p.m. Aug. 25. Meetings are held at The Woodlands Township board room at 2801 Technology Forest Blvd., The Woodlands.