Waco Lake is operated by the U.S. Army Corps of Engineers. It has 79,000 acre-feet of water and offers fishing, camping, day-use recreation areas, boating, swimming, hike and bike trails, horseback riding trails, and hunting. According to the Corps of Engineers, Waco Lake is the largest lake in the United States to be located entirely within a single city's municipal boundaries.

Corps of Engineer parks at Lake Waco include Airport Park, Midway Park, Reynolds Creek Park, and Speegleville Park.

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