Page 46 - City of Bedford FY21 Budget

FY21 Budget - General Fund Long Range Forecast

2021 2022 2023 2024 2025
COUNCIL
PROPOSED FORECAST FORECAST FORECAST FORECAST
REVENUES
OTHER FINANCING SOURCES
PROPERTY TAXES 17,998,533 18,991,644 20,050,200 21,139,135 22,301,901
SALES TAXES 8,505,000 8,591,025 8,677,915 8,743,492 8,787,209
FRANCHISE TAXES 2,863,000 2,853,390 2,849,243 2,846,032 2,843,744
MIXED BEVERAGE TAXES 235,000 242,050 249,312 256,791 264,495
MUNICIPAL FINES/FEES 1,542,600 1,500,500 1,459,631 1,419,957 1,381,442
RECREATIONAL REVENUE 341,250 585,559 970,803 1,375,304 1,618,004
EMERGENCY SERVICES REVENUE 1,675,000 1,676,050 1,677,132 1,678,245 1,679,393
LICENSES/PERMITS/REGISTRATIONS/INSPECTIONS 884,750 849,845 864,571 879,687 895,205
INTERGOVERNMENTAL 349,577 349,577 349,577 349,577 349,577
INTEREST INCOME 150,000 157,500 165,375 173,644 182,326
OPERATING TRANSFERS 3,233,133 3,233,133 3,233,133 3,233,133 3,233,133
OTHER 357,400 359,850 362,326 364,829 367,358
TOTAL REVENUES 38,135,243 39,390,123 40,909,217 42,459,825 43,903,786
EXPENDITURES

CITY COUNCIL 214,350 215,422 216,499 217,581 218,669
CITY MANAGER 820,780 877,046 892,054 907,350 922,938
CITY SECRETARY 304,154 324,412 329,733 335,155 340,679
COMMUNICATIONS 179,949 192,638 195,929 199,283 202,701
SUPPORT SVC - IT, HR, FLEET, FACILITIES 3,517,374 3,639,602 3,678,460 3,717,924 3,758,008
DEVELOPMENT, INSPECTIONS, PLANNING & ZONING, 1,658,915 1,732,347 1,753,869 1,775,755 1,798,013
PUBLIC SERVICES - STREETS 876,461 887,738 929,926 942,028 954,339
FINANCE / NON-DEPARTMENTAL / MUNICIPAL & TEEN 2,806,526 2,888,661 2,916,549 2,944,846 2,973,559
POLICE 12,926,751 13,852,552 14,089,801 14,331,596 14,578,027
FIRE 8,105,563 8,664,914 8,805,674 8,949,087 9,095,204
LIBRARY 1,553,077 1,653,659 1,678,003 1,705,790 1,728,029
PARKS, RECREATION, AQUATICS, SENIOR CENTER 3,064,721 3,166,673 5,300,170 5,342,335 5,385,232
SUPPLEMENT - ONE TIME 1,650,460
SUPPLEMENT - RECURRING 812,365 812,365 812,365 812,365 812,365
SUPPLEMENT - COST CUTS (482,460)

TOTAL EXPENDITURES 38,008,986 38,908,030 41,599,033 42,181,095 42,767,765

SURPLUS / (DEFICIT) $126,257 $482,093 ($689,816) $278,730 $1,136,021

BEGINNING FUND BALANCE: $9,533,443 $9,659,700 $10,141,793 $9,451,977 $9,730,707

ENDING FUND BALANCE (Fund 101): $9,659,700 $10,141,793 $9,451,977 $9,730,707 $10,866,728

Actual Reserve % 25.41% 26.07% 22.72% 23.07% 25.41%
Reserve Requirement (20%) $7,601,797 $7,781,606 $8,319,807 $8,436,219 $8,553,553

(Short)/Over of Reserve Requirement $2,057,903 $2,360,187 $1,132,171 $1,294,488 $2,313,175

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