Lubbock City Council reports $100M sales tax revenue and reduces tax rate

In a recent meeting, the Lubbock City Council highlighted the city's strong financial position and commitment to maintaining low taxes while addressing community needs. Mayor Dan Pope reported that sales tax collections for the fiscal year 2023-2024 reached nearly $100 million, marking a significant increase of over 50% since 2016. This growth in sales tax revenue is crucial as it reduces the city's reliance on property taxes, allowing for a lower tax rate for residents. The average increase for a $200,000 home was only about $6 this year, reflecting the council's ongoing efforts to keep taxes manageable.

City Manager Jared Atkinson provided further insights into the budget, noting that the current tax rate is slightly lower than the previous year. The council allocated $14.5 million for street maintenance, an increase aimed at improving existing roads without incurring debt. Public safety remains a priority, with the addition of new firefighter and police positions to enhance emergency response capabilities.

Atkinson also shared positive news regarding the city's financial health, revealing that Lubbock received a clean audit report with no findings, indicating effective management of public funds. The city's total outstanding debt stands at $1.8 billion, with a significant portion related to Lubbock Power and Light, which is essential for the city's electric utility operations.

The meeting underscored the council's commitment to transparency and fiscal responsibility, with a focus on investing in infrastructure and public safety to support Lubbock's growth. As the city continues to thrive, officials expressed optimism about the future, emphasizing the importance of community resilience and collaboration in achieving shared goals.