News Flash

City News

Posted on: September 19, 2022

City Council Approves FY 2023 Budget and Tax Rate

Image of a cutout red home and someones hand using a calculator with U.S. coins in the foreground

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

TAX RATE & FY 2023 BUDGET DETAILS
Facebook Twitter Email

Other News in City News

Orange sign that says "Road Work Ahead"

Paving Projects

Posted on: September 28, 2022
Logo for National Night Out 2022

National Night Out

Posted on: September 29, 2022
Image of a person playing a violin

Masterpiece Concert Series

Posted on: September 12, 2022
Band of the Hills image

Band of the Hills Concert

Posted on: September 28, 2022
Former Lakeway Mayor Steve Swan as pictured in his official City of Lakeway photo

Remembering Former Mayor Steve Swan

Posted on: September 26, 2022
Traffic on a highway heading towards a sunrise

2022 Transportation Bond Election

Posted on: September 1, 2022
Starflight chopper at Public Safety Day in 2019

Public Safety Day

Posted on: September 19, 2022
Lakeway City Logo

City Manager Search Update

Posted on: September 14, 2022
picture of witch on a bicycle

Witches Ride, Roll & Stroll

Posted on: August 24, 2022
picture of glove reaching for red toy vehicle in the appearance that it will be stolen

Recent Car Thefts

Posted on: August 9, 2022
Image of Lakeway Photo Festival

Photo Festival Contest Winners

Posted on: May 25, 2022