Agenda - View Meetings (All) (2864444719)

AI# 12808 Image of Lubbock City Logo 2021

Special City Council Meeting

1.2.

09/03/2024:

Agenda Item

Public Hearing - Finance: Hold a public hearing on a proposal to adopt a tax rate of 0.477402 cents per $100 valuation, which is effectively a 2.28 percent increase in the tax rate (percentage the proposed tax rate exceeds the no-new-revenue tax rate).

Item Summary

On August 13, 2024, the City Council approved a resolution for a proposed maximum tax rate of $0.477402 cents per $100 valuation. A public hearing is required prior to adopting a tax rate that is higher than the no-new-revenue rate or voter-approval rate.

A property tax rate of $0.477402 per $100 valuation is proposed, which is higher than the no-new-revenue rate and lower than the voter-approval rate. The tax rate is distributed as follows:

General Fund Maintenance and Operations

$0.364738

Interest and Sinking Fund

$0.112664

Fiscal Impact

The tax rate is scheduled to be adopted at the September 10, 2024 City Council Meeting. The fiscal impact of that decision is unknown until the tax rate is chosen and adopted.

Staff/Board Recommending

Cheryl Brock, Interim Chief Financial Officer

Attachments

Tax Rate Notice