HomeMy WebLinkAboutResolution - 2010-R0378 - Property Tax Increase - "Truth In Taxation" Calculation - 08/12/2010Resolution No. 2010-R0378
August 12, 2010
Item No. 6.3
RESOLUTION
WHEREAS, the City Council of the City of Lubbock has taken significant steps
in the past to minimize and reduce the tax burden on property owners within the City of
Lubbock; and
WHEREAS, the City Council subscribes to the principles generally set forth in
state and local "Truth in Taxation" provisions; and
WHEREAS. "Truth in Taxation" as a guiding philosophy should be applied
accurately and responsibly, and where there may be imperfections in the principle or its
application, those imperfections should properly be corrected; and
WHEREAS, the revenue cap under "Truth in Taxation" for the upcoming
operating budget is presently calculated by summing: 1) Estimated Revenue from the
current fiscal year; 2) Allowable Growth on Existing Taxable Property related to local
inflation and population growth; and 3) Tax Revenue from Estimated New Construction
completed in the current fiscal year; and
WHEREAS, in the Truth in Taxation revenue cap calculation there is presently no
allowance for continuing Operations and Maintenance costs that are necessarily attendant
to new capital improvements constructed by the City of Lubbock from voter approved
bonds; and
WHEREAS, accurate and responsible budgeting requires that operations and
maintenance costs for new voter approved bond projects be included in the Allowable
Growth on Existing Taxable Property component of the revenue cap calculation, so as to
account for the true cost required for new facilities; and
WHEREAS, in passing this Resolution, it is the City Council's intent to add
transparency to the taxation process and there is no intent to conceal a tax increase by
virtue of including Operations and Maintenance for ,voter approved bond projects into the
revenue cap.
W THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
N=61" -
That
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That for the purposes of calculating the Allowable Growth on Existing Taxable
iperty component of the Lubbock "Truth in Taxation" revenue cap calculation, an
erations and Maintenance cost factor for new voter approved bond projects shall be
luded.
;sed by the City Council on August 12, 2010
TOM MARTIN, MAYOR
ATTEST:
i Garza, City Secretary
â–ºVED AS TO C-UNTENT:
Reso.Truth- in -Taxation (v2)8.3.10