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For fiscal year 2006-07, the City expects to collect $12.3 million through the ad valorem tax process. The graph <br />below portrays the actual collections for the last four fiscal years, estimated collections for fiscal year 2005-06 and <br />projected collections for 2006-07. <br />Ad Valorem Tax Collections <br /> Six Year Comparison <br />14,000,000 <br />12,000,000 <br />10,000,000 <br />8,000,000 <br />6,000,000 <br />4,000,000 <br />2,000,000 <br />0 <br />01-0202-0303-0404-0505-0606-07 <br />Tax Collections <br />Another major revenue source that is derived utilizing the taxation process is the collection of “In Lieu of Tax” <br />payments from companies located in the City's two industrial zones. A description of the in lieu of tax agreements can <br />be found in the "Description of City and Economic Background" section beginning on page 21. The City expects to <br />collect $7 million from this revenue source. <br />Sales Taxes are generated when goods are sold in the City. The State of Texas is the collecting agency for these taxes <br />and submits to the City the portion the City is due. The current sales tax rate in our jurisdiction is 8%, which is <br />comprised of 6.25% for the State, 1% for the City, ½% for the La Porte Development Corporation and ¼% for a new <br />st <br />Street Maintenance Sales Tax, which will go into effect beginning October 1. The City estimates the amount it <br />expects to receive from sales taxes based on historical trends. The City expects to collect $2.4 million for the General <br />Fund and $1.2 million for Section 4B Economic Development from this revenue source. It is estimated that the new <br />Street Maintenance Sales Tax will generate approximately $600,000. <br />Sales Tax Trends <br />4,000,000 <br />3,500,000 <br />3,000,000 <br />2,500,000 <br />2,000,000 <br />1,500,000 <br />1,000,000 <br />500,000 <br />0 <br />1998199920002001200220032004200520062007 <br />General FundSection 4B <br />í <br /> <br />