Lakeway City Council unanimously adopted its budget and tax rate one day ahead of Oct. 1, the official beginning of the 2019-20 fiscal year. Expenditures and revenue for the new fiscal year within the general fund are projected to even out at $15.1 million each, according to city documents presented during a Sept. 30 special council meeting. City information states the total "all funds revenue" for Lakeway, which includes all of the revenue the city projects it will take in this fiscal year, is set at a little over $22 million. Included in that is $1.17 million in expected hotel tax revenue. The city's adopted budget shows about $964,000 in increased operating costs this year over last year, with $602,900 coming from added expenses that include new personnel positions and salary increases. During the Sept. 30 special meeting, the city also unanimously passed a $0.1645 ad valorem tax rate per $100 of valuation. Although that is the same rate as the previous year, an uptick in the city's total taxable value means the average Lakeway resident's city portion of their tax bill would increase slightly by about $37, according to information from the city. For 2019, the average taxable value of a home in Lakeway is $550,226. That is up from $527,427 in 2018, according to information from the city. City documents state the 2019-20 tax rate should bring in revenue of $8,221,395.