Westlake Town Council Approves Budget for Fiscal Year 2024-2025
In a unanimous decision during the September 16 meeting, the Westlake Town Council approved the budget for the 2024-2025 fiscal year. The budget projects $28 million in total revenues and $24.5 million in expenditures, alongside $5.1 million in inter-fund transfers. The budget also allocates $4.6 million in total contributions to the Town’s fund balance and retained earnings, which includes $1.5 million earmarked in the general fund for future capital spending.
For the fourth consecutive year, Westlake's property tax rate remains flat at $0.16788 per $100 of taxable value. While this tax rate remains the lowest in North Texas and the bottom third across the state, the average Westlake homeowner can expect to pay about $304 more yearly in property taxes than last year due to increased property values. However, less than 10% of a property owner’s total tax bill actually goes directly to the Town.
Key highlights from the approved budget include:
- A $1.7 million subsidy to Westlake Academy, ensuring continued support for the Town’s educational offerings.
- Funding for 5.25 full-time employees, including three new firefighters and two public works staff.
- Adjustments to staff compensation to remain competitive in the job market.
- A forecasted decrease in revenues of approximately $153,000, largely due to a full reduction of $4 million in revenues that was not realized due to an increase in sales tax and interest earnings.
The budget approval marks the culmination of months of collaboration between the Town Council and staff, whose goal was to maintain a conservative financial approach while delivering high-quality services to Westlake residents. Despite rising property values, the low tax rate reflects the Town’s dedication to fiscal responsibility while meeting community needs.
"Our commitment is to ensure Westlake continues to offer exceptional services while maintaining one of the lowest tax rates in the state," says Mayor Kim Greaves. "The hard work behind this budget reflects our promise to save residents money and provide the level of service they deserve."
As Westlake looks ahead, the approved budget will help sustain the Town’s growth while supporting future infrastructure and capital projects. This balance between conservative budgeting and strategic investments ensures that Westlake remains a premier community with an emphasis on transparency and fiscal responsibility for years to come.
