Page 315 - City of Bedford FY20 Approved Budget

City of Bedford
Program Summary
FY 2019-2020

Fund: Street Improvement Economic Development Corporation
Department: Public Works Division: Administration

PROGRAM DESCRIPTION
In November 1997, Bedford voters approved a half-cent sales tax for the purpose of maintenance and improvements of the street
network. Following approval of the tax levy, the Bedford Street Improvement Economic Development Corporation (SIEDC) was created
to direct and authorize all expenditures, with the City Council having final approval. The Council appointed a corporation that is
comprised of citizens and elected official to oversee the financial expenditures, street network maintenance and improvements. The
street network is comprised of the roadway, curb and gutter, sidewalks, traffic signals, lane and intersection markings, and street signs.

EXPENDITURE SUMMARY

ACTUAL ACTUAL BUDGET PROJECTED BUDGET
16/17 17/18 18/19 18/19 19/20
Personnel Services* - - - - -
Supplies 11,524 20,747 54,300 44,000 57,100
Maintenance 263,443 499,228 605,720 720,444 773,210
Contractual Services 722,115 835,686 2,139,720 2,267,600 2,526,380
Utilities - - - - -
Sundry 1,420,877 1,419,834 129,350 129,350 345,960
Capital Outlay 232,489 203,624 438,300 599,588 1,094,800

TOTAL: $2,650,447 $2,979,120 $3,367,390 $3,760,982 $4,797,450

*This area does not have any personnel assigned.

SIGNIFICANT CHANGES

Changes in project budgets as approved by SIEDC board $1,119,150
Supplemental for Traffic Signal Equipment $229,800
Supplemental for Sanders $15,000
Supplemental for Dump Truck $150,000
Operating transfer to Economic Development Fund for road work in support of economic development incentives $250,000
One-time supplementals and removal of debt service payments due to retirement of debt ($209,100)
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