Page 189 - City of Bedford FY20 Approved Budget
P. 189
City of Bedford
Program Summary
FY 2019-2020
Fund: Economic Development
Department: Development Division: Administration
PROGRAM DESCRIPTION
The Economic Development Fund is used to account for the revenue and expenditures related to economic development activities,
particularly as they pertain to agreements made through Chapter 380 of the Texas Local Government Code and the City’s Economic
Development Incentive Policy and Program.
Under Chapter 380 of the Texas Local Government Code, the City Council is able to partner with local businesses using authorized tools,
such as tax rebates, to provide incentive packages for business recruitment and retention. This fund is used to account for
reimbursements upon verification of compliance with each agreement's parameters.
EXPENDITURE SUMMARY
ACTUAL ACTUAL BUDGET PROJECTED BUDGET
16/17 17/18 18/19 18/19 19/20
Personnel Services* - - - - -
Supplies - - - - -
Maintenance - - - - -
Contractual Services - - 40,000 14,788 140,000
Utilities - - - - -
Sundry - - - - -
Capital Outlay - - - - -
TOTAL: - - $40,000 $14,788 $140,000
*This area does not have any personnel assigned.
SIGNIFICANT CHANGES
One-time expense for Economic Development study ($40,000)
Funding for Economic Development Incentive Grant $75,000
Funding for Revitalization Study $65,000
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