At Monday afternoon’s Special City Council meeting (September 30, 2019), Councilmembers voted unanimously to approve the balanced $15.1 million FY 2020 budget and tax rate of 0.1645, which is the same tax rate as 2018. The average home value in 2019 is $550,296, which would mean the average property tax bill under the approved tax rate will be approximately $905 per home. The average homeowner will pay about $37 per year more under the same tax rate due to an increase in Lakeway home values from the 2018 average of $527,427. The total City of Lakeway portion of the property tax bill for residents in Lakeway makes up just about 7% of the total amount homeowners pay on a yearly basis. The new tax rate will take effect starting October 1.
The funds generated by the additional tax dollars will allow for the City of Lakeway to help pay for additional city staff, increased health insurance costs, salary increases, survey costs, computer equipment and software, legal fees and operating costs for the new police station. Other items include special police equipment, consulting fees and outsourced inspections through the Building and Development Services Department.
Additionally at Monday afternoon’s meeting, City Council unanimously approved the FY 2020 budget showing a total city revenue of $15,142,246 and expenditure of $15,134,598, leaving a surplus of $7,647. Under the approved budget, the city will maintain a 30% funding reserve to meet the city’s policy, which is up from the 25% minimum reserve threshold set in previous years.
For a full breakdown of the budget, click here or copy and paste the link to the budget section of the city’s website: https://www.lakeway-tx.gov/501/Budgets. The budget is also on file with the City Secretary, who can be reached by clicking here.