In 2017, the District had $4 million in cash reserves. The District had planned to reduce its outstanding bond debt by using a portion of those cash reserves to pay off 2 of the 3 outstanding bond issues in an attempt to lower the TAX RATE for property owners. Unfortunately, Hurricane Harvey hit at the end of August 2017, and the Board acted by assisting the homeowners with storm debris clean up. The Board contracted with a third-party trash company to work alongside Fort Bend County trucks to remove debris in the District. This partnership removed storm debris from Southpark and Canyon Gate by October 31. The District spent approximately $1.6 million to clean up the Hurricane Harvey debris.
Additionally, emergency repairs to the main sewer line extending across the Diversion Channel from Canyon Gate to the South treatment plant cost the District approximately $300,000. Other District repairs stemming from Hurricane Harvey included a temporary generator & control panel for the District’s lift station, repairs to water meters, and storm and sanitary sewer cleaning In total, Harvey cost the District nearly $2.5 million and consequentially, the District was forced to raise its tax rate for 2018.
Because the District raised the 2018 tax rate, it elected to give $210 in water bill credits to District residences during 2018 and 2019 to offset the non-reappraisals in 2017 due to flooding.
Presently, FEMA and the District’s insurance have received the District’s claims, and reimbursements have begun. As the District collects from FEMA and insurance, the District will reassess its financials in hopes of lowering the 2019 tax rate.