City of Lakeway adopts fiscal year 2018-19 budget at meeting Monday

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The city of Lakeway unanimously adopted its fiscal year 2018-19 budget Monday, about two weeks ahead of the Oct. 1 renewal of the fiscal year.

Among the many expenditures listed on the city’s proposed $20.84 million budget are $14.2 million in general fund expenditures for total maintenance and operations, or M&O, a $350,000 transfer from the general fund to the capital reserve fund, a $1.6 million expenditure for solid waste M&O and a $2.08 million debt service fund payment of principal and interest.

City documents show general fund expenditures are projected to increase by 9 percent from 2018 with some of the specific line item increases coming through the police department, building and development services, the municipal court and the parks and recreation department.

City officials also unanimously adopted an ad valorem tax rate of $0.1645 per $100 of valuation for real property in Lakeway, a rate equal to the current year’s effective rate and resulting in no tax increase for the average Lakeway resident, according to city documents.

Data indicates the ad valorem rate will garner about $867 from the average Lakeway residence, which breaks down to $633 for M&O and $234 for the city’s debt obligations. The total revenue from Lakeway residents also represents about a 4.5 percent decrease from the current fiscal year, which took in $897 on average.

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Brian Rash
Brian has been a reporter and editor since 2012. He wrote about the music scene in Dallas-Fort Worth before becoming managing editor for the Graham Leader in Graham, Texas, in 2013. He relocated to Austin, Texas, in 2015 to work for Gatehouse Media's large design hub. He became the editor for the Lake Travis-Westlake publication of Community Impact in August 2018.
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