Lakeway City Council held a second budget work session on Aug. 6 to establish the fiscal year 2019 budget.
Each year, City Council reviews revenues and expenditures, the previous year’s property tax rate, and the assessed property values.
After this process, the council sets a preliminary budget and proposes a tax rate needed to bring in the amount needed to cover expenditures.
Travis Central Appraisal District (TCAD) submits assessed property value information to the city, and Travis County Tax Assessor-Collector collects property taxes on behalf of the city and other local government entities. Only approximately 7 percent of the total tax bill is attributable to the city.
The city’s long-standing commitment to public safety remains a top priority for Lakeway’s growing community. In response to continuing to maintain a safe community, the preliminary fiscal year 2019 budget includes one new police officer position. Also included is funding for operating the new police facility for one-half of the fiscal year.
In addition to the new officer position, this year’s budget includes one new Parks and Recreation equipment operator and a new part-time aquatics specialist at the Lakeway Swim Center. These positions will assist with supporting the growing facility and operational needs of the department.
Keeping in line with City Council’s priority of reinvigorating city committees, the council has approved funding for a contingency line item for budgets proposed by committees throughout the fiscal year. These funds will be held until a budget process has been established for each committee.
The City Council proposed a property tax rate of .1741 at the Aug. 6 meeting. This is the same tax rate as the prior year. Information received from TCAD stated that the average taxable value of a residential property in Lakeway has increased from $499,637 in tax year 2017 to $527,427 in 2018. When the proposed tax rate of .1741 is applied to the average taxable value of a home, it represents a tax increase of approximately $48 per year, or $4 per month.
Because the proposed property tax rate is a rate that will generate more tax revenue than the rate from the prior year, two public hearings must be held for citizens to express their views. These public hearings will be at 2 p.m. Aug. 20 and 6:30 p.m. Sept. 10 at Lakeway City Hall, 1102 Lohmans Crossing. The final budget and property tax rate will be adopted on Sept. 17 at Lakeway City Council’s regularly scheduled meeting.