LAREDO, Tex. (KGNS) - The City Council met Tuesday for a special-called meeting to hold a public hearing and review an introductory ordinance for next year’s fiscal year tax rate.

The council approved a slight decrease in the property tax rate, setting it at .0506090 per $100 valuation, which will generate about $134 million in revenue. The maintenance and operation portion decreased by 2 cents, while the interest and sinking fund rose by 2 cents, balancing general revenue needs with debt service.

District 6 Council Member Dr. Tyler King said, “I think with the budget we did, ultimately increased our savings account and decreased our dependency on bridge percentages proportionately, I think that’s something to be proud of.”

King added that the tax formula allows the city to borrow about

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