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

Facebook Twitter Email

Other News in City News

lighted snowman in Lakeway's trail of lights

Lights On! Ceremony & Trail of Lights

Posted on: November 30, 2022
Ben Kuenemann painting

City Hall Art Gallery

Posted on: December 1, 2022
News Updates

Sign Up for City News Updates

Posted on: November 30, 2022
Holiday Shopping Bags

Holiday Shopping Safety Tips

Posted on: November 22, 2022
Image of Santa hat, computer and hands typing in number from a gift card

Beware of Gift Card Scams

Posted on: November 17, 2022
Picture of City Manager Joseph Molis

City Council Appoints New City Manager

Posted on: November 21, 2022
Symphony Gift News

A Night With The Austin Symphony Orchestra

Posted on: November 21, 2022
Picture of banner from Heritage Committee in front of Liebelt Cabin - 2021

Heritage Trail Bus Tours

Posted on: November 16, 2022
Image of a Golf Cart

Golf Cart Use Changes

Posted on: November 4, 2022
image provided by Lakeway resident Nina Davis

Deer Rut Season

Posted on: October 4, 2022
Logo for National Night Out 2022

National Night Out Recap

Posted on: October 5, 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