By ANGIE GAMEZ
Special to the PRESS
Town of Laguna Vista Council Members and Mayor discussing tax rate and budget. Photo by Angie Gamez.
The City of Laguna Vista held a Special Council Meeting on September 3, 2019. The highlight of this meeting included a public hearing to solicit input regarding the 2019 ad valorem tax rate, and a public hearing to solicit input on the 2019-2020 Fiscal Year Budget.
The FY 2019-2020 proposed balanced budget is $1,838,000. The proposed 2019 ad valorem tax rate is 0.354124 cents per $100 of property value.
According to Laguna Vista City Manager, Rolando Vela, state law requires that two public hearings be held, if the city wants to adopt the current tax rate. Therefore, a second Public Hearing is scheduled for Tuesday, September 10 at 6:00 p.m.
The City Manager briefed the council members on the current versus proposed ad valorem tax rate, which would remain the same, at 0.354124 cents, although the Maintenance & Operation, or operating tax rate, and the Interest & Sinking (I&S) tax rate, which goes towards paying off debt, percentages were adjusted slightly.
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