Board of Directors Regular Meeting Agenda
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Receive, consider and act upon the creation of an Incorporation Reserve Fund (as requested by Director Bunch);
To be determined by the Board of Directors.
Director Bunch has requested an amendment to the Township's 2017 Budget to establish an Incorporation Reserve.
The purpose for establishing an Incorporation Reserve is to begin the financial planning for the potential transition of The Woodlands Township from a special purpose district to an incorporated city. Although currently there is not an established timeline for incorporation and the decision on whether or not to incorporate will ultimately be determined by a vote of the community's citizens, monies accumulated in the Incorporation Reserve would provide a funding source for certain costs associated with incorporation if and when such action is approved. If incorporation does not occur, the accumulated funds in the Incorporation Reserve could be released and returned to the Township's general fund or designated for other purposes.
During the 2017 budget workshops, the Board discussed establishing a $2.5 million Incorporation Reserve and funding it with undesignated monies held in the "Capital Contingency" account. This contingency account is currently projected to have a balance of approximately $3.5 million in 2017.
Board to determine action.
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