Woodway Development News

Woodway City Council Holds Budget Work Session with TML Financial Training

The City Council of Woodway held a budget work session to discuss the proposed 2026-2027 annual budget. Keith Dagan from the Texas Municipal League (TML) presented a condensed version of their budget boot camp, covering governmental accounting, debt, property taxes, and legislative updates. The session aimed to equip council members with financial terminology and concepts necessary for budget review. Key topics included fund types (governmental, proprietary, fiduciary), measurement focus (current financial resources vs. economic resources), basis of accounting (modified accrual vs. full accrual), and classifications of fund balance and net position. The presentation also delved into municipal debt, property tax terminology, the tax rate adoption process, and budgeting requirements, emphasizing transparency and accountability. Potential legislative changes impacting local government finance and taxation were also previewed.