The dam is currently owned by the City of Dallas and operated by Dallas Water Utilities, a not-for-profit department of the City of Dallas for purposes of municipal and industrial water supply, flood control, and recreation. The Lake was originally named Forney Lake for the nearby town of Forney.

Lake Ray Hubbard is primarily owned by the City of Dallas, although it is located in several different jurisdictions, including Dallas, Rockwall, Collin, and Kaufman counties. Originally known as Forney Lake, it was renamed in honor of Ray Hubbard, who served as the president of the Dallas Parks and Recreation Board. The lake was created by the construction of the Rockwall-Forney Dam on the East Fork of the Trinity River. While the City of Dallas owns the water rights and the lake bed, the Texas Parks and Wildlife Department manages the fish and wildlife populations, and the North Texas Municipal Water District plays a role in the regional water supply management. In 2026, the lake is a major recreational hub for the DFW Metroplex, famous for its sailing, fishing, and the iconic "The Harbor" development in Rockwall. Because of the city ownership, specific regulations regarding boat docks and shore-line construction are governed by Dallas city ordinances, even for residents living in neighboring municipalities.