The Katy-area municipal utility district provides water and other services to more than 2,000 homes and businesses.
A Katy-area municipal utility district has reported $8.2 million in unauthorized transfers from its investment account to “outside financial institutions,” according to a Friday news release.
Fort Bend County MUD No. 35, which serves an area southwest of Houston, said the transfers happened April 7 and the investment pool’s administrator noticed the unauthorized transfers the next day. The administrator immediately notified the MUD’s bookkeeping firm and the FBI.
Municipal utility districts help developers provide utilities to a given area by using property taxes to pay for services such as water, sewage, drainage, roads and parks. Fort Bend County MUD. No. 35 includes about 2,075 homes and 25 businesses…