Page 14 - City of Bedford FY20 Approved Budget

As the City approaches full build out, planning tools such as the Master Highway Corridor
Overlay District and other planned programs provide for re-development of certain aging
corridors within the City. Maintenance funds have been established for capital assets,
recognizing that a scheduled maintenance, repair and replacement program provides for
the best utilization of financial resources.

The City Council approved the design standards for a proposed 100-acre development
called Bedford Commons, which is envisioned to be a mixed-use residential and retail
development bordered by Forest Ridge Drive on the west, Bedford Road on the north,
Central Drive to the east, and Highway 183 to the south. The Bedford Commons footprint
is adjacent to the Cultural District, which was established by the City Council in 2011. The
City is currently coordinating with developers interested in the Bedford Commons project.

 Financial Highlights

The total budget for FY 2019/2020, including capital purchases, Street Improvement
Economic Development Corporation maintenance projects, debt service and transfers
between funds, is $78,578,276. This represents an increase of $5,401,292, or 7.38%, when
compared to the adopted budget for FY 2018/2019. Changes in expenditures/expenses
vary in each fund based on the nature of the service provided.

 Funding Priorities

Funding priorities are established each year based on City Council goals and objectives.
The process of making funding decisions begins with staff budget analysis of budget
history and trends, reviewing current year initiatives, status of year-to-date spending and
identification of major challenges that will be faced in the upcoming fiscal year.

 Compensation/Benefits

Funding is included in the recommended budget for an across-the-board raise for all
general employees of 3.0%. In FY 2016/2017, a Public Safety Step Plan was instituted for
all sworn Police and Fire personnel. The proposed budget includes funding for year four
of the Step Plan.

In the FY 2017/2018 Budget, Council included funding to conduct a compensation and
benefits study to determine how Bedford’s salaries compared to the market. The consultant
found that most positions were compensated fairly when compared to similar positions in
the public and, where appropriate, private sector. In FY 2018/2019 an updated pay plan
was approved, and adjustments made to impacted employees that were reclassified in the
plan.

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