The Woodlands Township sees sales tax, other revenue gains for the year as of October

Sales tax and property tax revenues are above the projected amounts for the year to date as of October, said Monique Sharp, the township’s assistant general manager for finance and administration, at an Oct. 27 board of directors meeting.

Sharp said total township revenues for the year to date were budgeted at $92.9 million and actual revenues were $96.1 million.

Meanwhile, expenditures were lower than budgeted. Actual expenditures were $68 million, while the budgeted amount was $72.6 million, she said.

The largest favorable variances—meaning more revenue was collected than anticipated—were revenues related to township programs, and the parks and recreation department. Savings were realized in departments such as community services.

Sales tax revenue was also higher than projected, with $45.58 million collected, she said. Sales tax for internet transactions increased 25.1% from the previous year, with $4.36 million collected in 2021.

Sales tax from internet sales has been collected since 2019.

Finally, hotel occupancy revenues have been favorable for the past six months compared to the previous year, she said. In 2020 hotel occupancy plummeted due to the pandemic, township officials have said.

Additionally, the township announced at the meeting it received the Distinguished Budget Presentation Award and the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association, recognizing its staff for the recognition.