Lakeway City Council approved the city’s fiscal year 2016-17 budget and property tax rate at $0.1612 per $100 valuation, resulting in a $760.80 city tax bill for the average Lakeway home valued at $472,011. The tax rate adopted Sept. 19 is slightly below the effective tax rate for Lakeway—the tax rate that would generate the same amount of funds as FY 2015-16.
Lakeway’s FY 2016-17 budget shows a projected total revenue of $12,665,245, with expenses projected at $12,609,306, leaving a year-end general fund balance of $3,307,077, or 26 percent of the city’s operating budget.
City Manager Steve Jones said more revenue is expected for the Lakeway Building and Development Services Department.
“We had recently finished reviewing some plans that tell us we are going to get a substantial building permit fee soon after the first of the next fiscal year,” Jones said. “So, it would increase [department] revenues by about $72,000.”
Deputy City Manager Chessie Zimmerman said the substantial fee expected is attributed to the building permit fee for Belmont Village Senior Living, 107 Bella Montagna Circle, Austin, that according to Senior Vice President Stephen Brollier, includes a 130,000-square-foot senior care facility with 162 units.
Before receiving the building permit, the city developed a preliminary estimate of what the fee would be, she said. The complexity of the development resulted in a higher-than-projected fee, and the building permit is under review, she said.
Other City Council actions taken Sept. 19 include:
- A special-use permit was granted to Champions, TX to add a child care facility for after-school care at 2105 S. RR 620, Ste. 201, Lakeway. The facility provides gymnastics, cheer and tumbling lessons and activities.
- A special-use permit was granted to Dr. Julie Reardon for a medical office at 1313 S. RR 620, Ste. 203, Lakeway.
- A preliminary plan was approved for the 6-acre Lakewood Park center, at North RR 620 and Debba Drive, Lakeway, that already includes a gas station and market council approved earlier this year. The site may include retail and commercial tenants.
- Various sections in Phase 2 of Lakeway Highlands were annexed and rezoned for condominium residential use as well as single-family residential use. Zimmerman said a portion of the development is expected to be zoned for office and/or retail at the council’s next meeting Oct. 17.
