1 00:00:01,230 --> 00:00:05,190 We're going to go ahead and get started and ensure I can just come in when she gets here. 2 00:00:05,850 --> 00:00:11,650 So, at this time, we'll open this meeting of Lake Worth City Council on Tuesday. 3 00:00:13,570 --> 00:00:21,330 September 1st at 505 p.m. and we'll stand for the invocation given by Councilmember Cox. 4 00:00:22,410 --> 00:00:24,270 We remain standing for the pledge of allegiance. 5 00:00:24,270 --> 00:00:25,190 This 6 00:01:41,030 --> 00:01:49,110 time, we'll let the record reflect all council members present except council member white, but that will move to our next agenda item. 7 00:01:50,450 --> 00:01:56,470 There's nobody in the audience, but I'll ask everybody, I'll just want to speak at this time. Hearing nine will move to the next item. 8 00:01:56,830 --> 00:02:04,670 Item under E1 of public hearing on the proposed tax rate, or the fiscal year of 2026, 2027, Stacey. 9 00:02:07,620 --> 00:02:10,400 Thank you. Did you want to open the public hearing really quick? 10 00:02:10,400 --> 00:02:13,280 I'm sorry. Did you want to open the public hearing real quick? 11 00:02:13,640 --> 00:02:18,220 I thought we did. Okay, I'll open the public hearing at 507. I thought I'd do it. 12 00:02:18,260 --> 00:02:20,800 No, no, you're fine. I just want to make sure we legally do it. 13 00:02:20,840 --> 00:02:25,160 No, right. So, Carrington's going to go ahead and make the presentation on our review. 14 00:02:27,180 --> 00:02:30,760 Thank you, Stacey. Hello Mayor and Council. Happy Tuesday. 15 00:02:31,760 --> 00:02:40,160 So, this likes Stacey and we'll mention this is a public hearing for our proposed tax rate for fiscal year 2027. 16 00:02:40,160 --> 00:03:03,400 So just as a reminder, we are proposing a 0.57063 per $100 valuation tax rate, because this rate does exceed the no new revenue tax rate that was calculated in our truth and taxation calculation worksheet, that's why we have to hold this public hearing. 17 00:03:05,640 --> 00:03:10,640 Some details about the breakdown of the tax rate. 18 00:03:11,080 --> 00:03:13,520 The tax rate is broken into two pieces. 19 00:03:13,660 --> 00:03:17,220 There's the debt service portion and then the maintenance and operation portion. 20 00:03:17,700 --> 00:03:23,780 We're proposing for our debt service rate of .323383. 21 00:03:24,160 --> 00:03:27,820 That will cover our debt payments for the upcoming fiscal year. 22 00:03:28,160 --> 00:03:29,900 And then for our maintenance and operations, 23 00:03:29,900 --> 00:03:35,100 are general funds side for proposing a rate of 0.193680. 24 00:03:35,820 --> 00:03:39,680 This is actually the calculated, no new revenue rate on the MNO side. 25 00:03:40,460 --> 00:03:43,960 This will generate about 1.5 million in operating revenue. 26 00:03:44,740 --> 00:03:49,380 Overall, the impact to the average home for Lakeworth, 27 00:03:49,540 --> 00:03:53,700 that is an additional $4.28 per month. 28 00:03:54,380 --> 00:03:56,520 Since this is a public hearing, and of course, 29 00:03:56,520 --> 00:04:00,500 I'd love hearing from you guys if you have any questions or comments. 30 00:04:00,960 --> 00:04:03,560 I'm here, Stacey's here, please let us know. 31 00:04:07,100 --> 00:04:18,580 Yes, the total tax rate is 0.517063517063. 32 00:04:46,060 --> 00:04:46,520 You did. 33 00:04:47,040 --> 00:04:49,100 Yeah, and that's all we had mayor for the presentation. 34 00:04:49,320 --> 00:04:54,660 Unless you guys have any questions for us, we'll just need you to read the bottom paragraph. 35 00:04:54,660 --> 00:04:59,180 So would, you know, I guess there's any other quote. 36 00:05:00,900 --> 00:05:09,480 All right. This time, I'll close the public hearing at 5.10 p.m. and I need to read this following. 37 00:05:11,750 --> 00:05:31,130 City council will take final action only 2,026 tax rate on Tuesday, September 15th, at 2,026 at 6.30 p.m., the meeting will be held in the Lake Worth City Council chambers located at 38.05, Adam Graham Road, Lake Worth, Texas. 38 00:05:31,310 --> 00:05:36,410 7, 6, 1, 3, 5, anything else we need to do? 39 00:05:36,650 --> 00:05:39,350 All right, we're going to adjourn at 5, 11.