Lubbock City Council members think they may have found $1 million to $2 million dollars in savings during their first of a series of budget work sessions. That could save as much as two pennies on the city tax rate. Last week, the Lubbock City Council proposed slightly lowering the current tax rate from .447 cents to .445 cents in hopes to finding cost savings.
The savings actually comes from the city's health insurance. There is a reserve fund that has one to two million dollars in it, that the city council found out just sits there. This could be the glimmer of hope and a starting point the council is looking for to keep the city tax rate as it is now or possibly lower. The council directed the heath insurance representative to go back and crunch those numbers to find out if taking that money out of the reserve would do more harm than good.
"We're looking at more efficient ways we can cut costs. We have found at least a penny. Keep in mind a penny is about $950,000 in revenue or $1 million for the city," says Mayor David Miller.
The Lubbock Fire and Police Departments also presented their budgets. Public Works presented its budget as well. All say they are seeing increases in their budgets.
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