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Special City Council Meeting
Meeting Date: 09/02/2020  

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 2020; 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 2020.  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 3. on today’s agenda.  The September 8, 2020 City Council agenda will include the second reading and adoption of the tax rate ordinance.  The property tax is proposed at $0.541573 per $100 valuation.  The tax rate is distributed as follows:
General Fund Maintenance and Operations $0.398672
Interest and Sinking Fund 0.120433
Economic Development 0.022468
Fiscal Impact
The General Fund Maintenance and Operations tax rate will generate $71,297,353; the Interest and Sinking Fund tax rate will generate $21,537,891; and the Economic Development tax rate will generate $4,018,112.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Tax Rate Ordinance 2020-21

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