City Council approved (7-0) the FY 2023 budget at Monday evening's City Council meeting (Sept. 19, 2022) following two public hearings this month. The approved budget shows the FY 2023 projections for revenue at $17,659,712 and approved total expenditures at $17,824,660, which would leave an estimated City fund balance of $6,179,200. That amount would place the fund balance ratio at 35%, which is at the higher end of the targeted ratio of 30%-35%. The approved budget includes a cost of living adjustment for all positions, as well as 2.2% merit for employees, three replacement pick-ups, and new positions including an assistant parks director, multimedia specialist and crew leader at the Lakeway Activity Center. The FY 2023 budget will begin on Oct. 1, 2022.
City Council also approved (7-0) a tax rate of .1290 at the regular City Council meeting on Monday, Sept. 19, 2022, which is at the No New Revenue rate for the City of Lakeway. This tax rate is 17% lower than the previous tax rate of .1545, and is the lowest tax rate in Lakeway's history. On average, the approved tax rate would bring about a $40 reduction in a property owner's annual tax bill.
Depending on where you live (based on the different water and fire districts within the city), the City of Lakeway encompasses about seven (7%) seven-percent of the full property tax bill for homeowners. That small portion goes to help fund several important city services, such as our police, parks and recreation (including events, swim and activity center operations, park maintenance and landscaping), code compliance, courts, permitting, public works (local road maintenance), and other services.
- Previous Tax Rate .1545
- Approved Tax Rate .1290
- No New Revenue (NNR) Tax Rate .1290