Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Wells Branch MUD reports $1.2 million estimated tax revenue loss to HACA; board affirms financial policies and readies audit
Summary
Finance Committee reported an estimated $1.2 million in lost property tax revenue due to Housing Authority of the City of Austin exemptions; the board ratified its financial management policies, scheduled the annual audit presentation for Feb. 3, and discussed rate-structure work pending wholesale contract renewal with the City of Austin.
The Wells Branch Municipal Utility District Board on Jan. 20 received a Finance Committee update that estimated about $1.2 million in property tax revenue was lost to exempt properties owned by the Housing Authority of the City of Austin (HACA). Director Harper said the Development Committee will meet with HACA representatives for further discussion.
Accountant Allen Douthitt told the board that service revenues were up, costs remained under budget and the District recorded $49,000 in capital spending during the latest reporting period. He also reported that approximately 6.5% of the District's 2025 tax levy had been collected through November and that his office is coordinating with the auditor; the annual audit is scheduled for presentation at a Feb. 3 work session. Ms. Ross requested the final draft of the audit report be circulated to her and Finance Committee members at least 24 hours before the presentation.
General counsel John Bartram reviewed required disclosures from the District's financial advisor under MSRB rules and reminded the board of statutory financial governance obligations under the Texas Water Code and the Texas Public Funds Investment Act; the board approved a resolution confirming its annual review of financial management policies and ratifying the Code of Ethics and investment strategies (motion by Director Palmer; second by Director Solis; unanimous).
Why it matters: a $1.2 million estimate in lost taxable value to HACA could affect future budget planning and rate discussions. The Finance Committee said it is evaluating alternative retail rate structures but is deferring major rate changes until the District's wholesale water contract with the City of Austin is renewed.
