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AI# 12811  Special City Council Meeting 1.4. 09/03/2024:

Agenda Item

Ordinance 1st Reading - Finance: Consider an ordinance setting the tax rate and levying a tax upon all property subject to taxation within the City of Lubbock for 2024; apportioning said levy among the various funds and items for which revenue must be raised; fixing the times in which said taxes shall be paid and assessing penalty and interest for nonpayment of such taxes within the time provided.

Item Summary

This is the first reading of the ordinance adopting and levying the tax rate for 2024.  Prior to considering the ordinance adopting and levying of the tax rate, the City Council must consider the ordinance adopting the budget.  The first reading adopting the budget is item 1.3 on today’s agenda.  The September 10, 2024, City Council agenda will include the second reading and adoption of the tax rate ordinance.  The property tax is proposed at $0.477402 per $100 valuation.  The tax rate is distributed as follows:   General Fund Maintenance and Operations $0.364738 Interest and Sinking Fund $0.112664

Fiscal Impact

The General Fund Maintenance and Operations tax rate will generate $94.5 million and the Interest and Sinking Fund tax rate will generate $29.2 million.

Staff/Board Recommending

Cheryl Brock, Interim Chief Financial Officer

Attachments Tax Rate Ordinance

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