Board of Directors Budget Workshop #1 and Special Meeting


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Meeting Date: 08/16/2021  

SUBJECT MATTER:
Receive, consider and act upon the 2021/2022 Anticipated Debt Service Collection Rate and the 2021 Excess Debt Service Tax Collections Report, as certified by the Montgomery County Tax Assessor/Collector;
FISCAL IMPACT:
Not applicable.
BACKGROUND:
Anticipated Debt Service Collection Rate
In accordance with the certification requirements of Section 26.04(b) of the Texas Property Code, the Montgomery County Tax Assessor must certify to The Woodlands Township what the anticipated collection rate will be for property taxes collected during the period July 1, 2021 through June 30, 2022, from the debt service component of the Township's property tax rate.  The Tax Assessor has certified an anticipated debt service collection rate of 100% for the Township, as documented on the attached certification letter from Tammy McRae.
  
Excess Debt Service Tax Collections
On September 10, 2020, the Township Board of Directors adopted the debt service component of the 2020 property tax rate at 1.51 cents per $100 of taxable valuation.  In accordance with the certification requirements of Section 26.04(b) of the Texas Property Code, the Montgomery County Tax Assessor certified an anticipated debt service collection rate in relation to the Township’s imposition of this 2020 debt service tax rate.  The anticipated collection rate for the period July 1, 2020 through June 30, 2021 was 100%.
 
Truth-in-Taxation regulations require the tax assessor to certify any excess tax collections received by the taxing entity based on the prior year estimation referenced above.  However, excess collections apply only if the tax assessor certified a collection rate less than 100% and collections exceeded that percent.  Since the Township’s debt service collection rate was estimated at 100%, excess collections do not apply, and thus are reported as $0.00.
 
Attached for the Board’s review is the certification letter from Montgomery County Tax Assessor Tammy McRae regarding the Township's 2021/2022 Anticipated Debt Service Collection Rate of 100% and 2021 Excess Debt Service Tax Collections of $0.00. 
 
RECOMMENDATION:
Accept the report regarding a 2021/2022 Anticipated Debt Service Collection Rate of 100% and 2021 Excess Debt Service Tax Collections of $0.00, as certified by the Montgomery County Tax Assessor.
Attachments
2021 - 2022 Debt Service Collection Rate and Excess Debt Tax Collections Letter


    

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