HomeMy WebLinkAboutResolution - 2006-R0550 - Windfall Revenue FY 2006-2007 - Excess To Offset Property Taxes FY 2007-2008 - 11/09/2006Resolution No. 2006-RO550
November 9, 2006
Item No. 6.13
WINDFALL REVENUE RESOLUTION
WHEREAS, the good citizens of the great City of Lubbock, Texas, experienced a
property tax rate increase this year and,
WHEREAS, fiscal year 2006-2007 budgeted income and expense assumptions
are proving to be better than anticipated, including the following:
■ Sales tax revenue for fiscal year 2006-2007 was budgeted at $43,208,737;
however, sales tax revenue growth is proving to be better than budgeted
and projections going forward are improved;
■ Health care expenditures were budgeted at $22,106,723 for fiscal year
2006-2007. Health care costs are now projected to be significantly
improved;
Budgeted at $2.65 per gallon for diesel and $2.55 per gallon for unleaded
gasoline, declining fuel prices are providing significant savings to the City
and,
WHEREAS, the City anticipates significant additional income and public safety
benefits from the adoption of red light camera ticket revenue;
THEREFORE, BE IT RESOLVED that should, after fully funding the General
Fund reserve balance of $22,448,544 according to City Council policy, there be a
positive net contribution after the aggregation of all General Fund revenues and expenses
based on ten months operations and reasonable expectations for the net contribution to be
maintained for the balance of the 2006-2007 fiscal year, the net contribution shall be used
to offset property taxes for the 2007-2008 fiscal year, and,
BE IT RESOLVED that for fiscal year 2007-2008 all revenue from red light
cameras shall be used for public safety (specifically police and fire), and
IT IS FURTHER RESOLVED that the intent of this resolution is to use any
revenue "windfall' in excess of budgeted amounts and expense savings to offset property
taxes for fiscal year 2007-2008.
Passed by the City Council this 9th day of November , 2006.
DAVID A. MILLER, MAYOR
ATTEST:
Secretary
APPROVED AS�TOCONTENT:
John JkonaFdl, City Councilman