The Courier of Montgomery County reports that Conroe City Councilmembers appear to be positive about their finances, although there was a drop in the first month of their fiscal year revenue funds.
In November, the council became aware that regarding revenue predictions for the new Hyatt Regency Hotel and Convention Center, which cost them $107 million, would put the city on the negative side of the ledger at $682,387. It also left them not able to pay a debt service of $3 million for the hotel.
In order to pay for the debt service, the City will borrow the amount to cover the debt service from the Conroe Industrial Development Corporation.
On December 14th, Assistant City Administrator and Director of Finance Collin Boothe delivered October’s financial numbers to councilmembers. October 1st was the start of their fiscal year.
Boothe said he had maintained a conservative budget during a time when sales and property tax were down, and he looks forward for the city to come out okay as they move forward.
The city has budgeted $42.5 million in property tax revenue, according to Boothe. As of last week, the city has put $311,350 into their coffers. The collected amount came in at $264,990 below the budgeted $576,341. Boothe said these numbers will change, according to information he’s received from the Montgomery County Tax Office. He thinks they will “end up being on track.”
For this time of the year, Councilman Harry Hardman, called the drop in fund balances “typical.”
