Board of Directors Regular Meeting Agenda


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Meeting Date: 02/25/2015  

SUBJECT MATTER:
Receive, consider and act upon a budget amendment in connection with ground lease for Lake Woodlands and merger of  Lake Woodlands Property Owners Association;
FISCAL IMPACT:
$0 impact; the budget amendment is a redistribution of the total budget among various budget line items.
BACKGROUND:
In 2014, an Assignment, Assumption, Amendment and Merger Agreement between The Woodlands Township, Lake Woodlands Property Owners Association (LWPOA) and The Woodlands Land Development Company was executed wherein LWPOA transferred and assigned its Ground Lease Agreement for Lake Woodlands to the Township. A 2015 budget amendment is necessary to properly account for expenditures that will be incurred by the Township for maintenance and administration of Lake Woodlands and the dam under the new agreement.

The proposed budget amendment will not change the total 2015 budget amount of $159,700 for Lake Woodlands expenditures. The budget amendment simply redistributes the $159,700 currently budgeted in a single line item titled “Lake Woodlands” to several more specific budget line items which, when combined, will equal $159,700. This amendment will allow the accounting department to maintain consistency in how all expenses are recorded.

Attached is a schedule summarizing the proposed 2015 budget amendment.
RECOMMENDATION:
Approve 2015 budget amendment for Lake Woodlands as presented.
Attachments
Proposed 2015 Budget Amendment


    

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