Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Lakeway reports $420,000 favorable year‑to‑date budget variance; revenues lag collections
Summary
City finance staff reported a year‑to‑date positive budget variance of roughly $420,000 (about 2% of a $20M budget) as of the end of September, driven by expenditure savings that partially offset roughly $960,000 in lower‑than‑expected revenue collections.
City finance staff delivered the October financial report showing a mixed year‑end position: revenues trailed expectations but spending came in under budget.
The presentation showed roughly a $960,000 negative variance on the revenue side, driven primarily by lower collections of fines and fees, but it was offset by approximately $1,380,000 in favorable expenditure variances. Finance staff summarized the net result as a roughly $420,000 positive budget variance — about 2% of an approximately $20 million budget.
The report also noted staffing vacancies (127 FTEs filled versus a budgeted 135 positions, a roughly 6% vacancy rate), contribution to capital reserves via a planned $500,000 transfer, and an ending general‑fund balance consistent with the city’s policy range. Council asked whether there were any late expenditures expected; staff said payables have been booked and no significant pending liabilities remain.
"This is our October report, and these figures are as of the end of September... this 420,000, 2% when you're talking about a $20,000,000 budget," finance staff said during the presentation.
