Page 18 - City of Bedford FY20 Approved Budget

$1,779,903. Expenditures are relatively stable in this fund, with the primary increases being
leases for vehicle replacements and operating transfers.

 Debt Service Fund

The Debt Service Fund (sometimes referred to as the Interest and Sinking Fund) is used to
account for the accumulation of resources for the repayment of general long-term debt.
The tax rate for the repayment of long-term debt in FY 2019/2020 is $0.191591, which is
a decrease from the rate for FY 2018/2019 of $0.217727. The City Council issued $60
million of the approved Phase Next bond proposition in FY 2017/2018. The City Council
issued the remaining $10 million during FY 2018/2019. Summary schedules and detailed
information on individual bond obligations can be found in the Debt Service Fund section
of this budget document.

 Special Revenue Funds

Tourism Fund – This fund was established to record revenue and expenditures associated
with the collection of a 7% hotel/motel occupancy tax levied by the City of Bedford and
authorized by the State of Texas. The tax is levied on the rental rate for hotel rooms in
Bedford when the room is occupied by the same tenant for a period of not more than 30
days. Funds generated by the hotel occupancy tax are used to promote tourism, arts and
culture, and historic preservation.

Significant programs funded by the Tourism Fund include July 4thFest and the Labor Day
Blues & BBQ Festival, which has developed a national reputation for quality Blues music
and a nationally recognized BBQ contest sanctioned by the Kansas City Barbeque Society.
Also included in this fund are resources for the operation and preservation of the Old
Bedford School and support of arts and culture in Bedford.

Street Improvement Economic Development Corporation – In November of 1997, the
citizens of Bedford approved an additional one-half of one percent sales tax for the purpose
of economic development. Specifically, these funds are allocated to street and road
improvements within the City of Bedford, along with paying for the maintenance and
operating expenses related to the projects. The City of Bedford Street Improvement
Economic Development Corporation was subsequently formed to administer the funds
provided by the additional sales tax revenue.

Budgeted revenue for the Corporation in FY 2019/2020 is $2,945,000 and budgeted
expenditures total $4,797,450. The Directors of the Corporation have approved the use of
fund balance to address street maintenance in lieu of issuing bonds. These expenditures
include preventive maintenance contracting, supplies and capital equipment, and
supplemental requests for Traffic Signal Field Monitoring Equipment, a Tandem Dump

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