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AI# 12811  Regular City Council Meeting 6.5. 09/10/2024:

Information

Agenda Item

Ordinance 2nd Reading - Finance: Consider Ordinance No. 2024-O0129, 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

On September 3, 2024, the City Council approved the first reading of the ordinance. This is the second 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 second reading adopting the budget is Item 6.3. on today’s agenda. The property tax is proposed at $0.470120 per $100 valuation.  The tax rate is distributed as follows:   General Fund Maintenance and Operations $0.357456 Interest and Sinking Fund $0.112664

Fiscal Impact

The General Fund Maintenance and Operations tax rate will generate $92.8 million and the Interest and Sinking Fund tax rate will generate $29.3 million.

Staff/Board Recommending

Cheryl Brock, Interim Chief Financial Officer

Attachments Tax Rate Ordinance

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