Page 15 - City of Bedford FY21 Budget

strives to attract high quality, visually appealing businesses, as well as revitalize and invest
in areas that have seen some deterioration of economic activity.

 Planning for the Future

Current long-range financial planning primarily revolves around several major water/sewer
system infrastructure projects, as well as significant improvements to the stormwater
drainage system. A successful bond election in November of 2013 authorized funding for
Phase I of improvements to the Bedford Boys Ranch, the City’s largest park. Council and
staff worked with Kimley-Horn and Associates to evaluate the current facilities at the Boys
Ranch and provide a plan for the future of the Park. This was presented to the voters as
the $70 million Phase Next project in a bond referendum on November 7, 2017, which
passed. Plans for Phase Next move forward with design work being conducted for a multi-
generational facility, indoor and outdoor aquatics, and ballfield improvements in the Park.
Construction on the improvements is scheduled to begin toward the end of the current
Fiscal Year and estimated to conclude within two years.

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 considering the creation of a Tax Increment Redevelopment Zone (TIRZ)
for that area to aid in development.

 Financial Highlights

The total proposed budget for FY 2020-2021, including capital purchases, Street
Improvement Economic Development Corporation maintenance projects, debt service and
transfers between funds, is $78,997,340. This represents an increase of $246,930, or
0.31%, when compared to the amended budget for FY 2019-2020. The adopted budget
reflects the priorities identified by the City Council through the budget deliberation and
addresses staff retention and maintenance needs for the City.

 Funding Priorities

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