Page 77 - City of Bedford FY21 Budget

BUDGETED FUNDS

FY 2020 – 2021

GOVERNMENTAL FUNDS

GENERAL FUND: This fund functions as the operating fund for the City of Bedford. It is used
to account for resources traditionally associated with governments, which are not required to be
accounted for in another fund. Several revenue sources support expenditures in this fund
including ad valorem tax, sales tax, franchise taxes, charges for service, licenses, permits, and
other miscellaneous categories of revenue. The General Fund accounts for such functions as
general government, administrative services, police, fire, public works, planning and community
development, and parks and community services.

DEBT SERVICE FUND: This fund is used to account for the accumulation of resources for
the payment of general long-term debt principal, interest, and related costs from the taxes levied
by the City.

ECONOMIC DEVELOPMENT FUND: This fund is used to account for the revenue and
expenditures related to economic development related 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.

MAINTENANCE FUNDS: These funds are used to maintain critical areas identified
throughout the city; and to promote “pay-as-you-go” approach to major maintenance items.
These funds include computer replacement, park maintenance, aquatics maintenance, library
maintenance, facility maintenance, police vehicle replacement, and equipment replacement.

SPECIAL REVENUE FUNDS

TOURISM FUND: This fund accounts for hotel/motel occupancy taxes and
revenue/expenditures related to the City’s festivals.

STREET IMPROVEMENT ECONOMIC DEVELOPMENT CORPORATION: This fund
accounts for revenues and expenditures associated with the corporation.

MUNICIPAL COURT SECURITY FUND: The purpose of this fund is to account for monies
collected under State statute for expenditures related to providing security for Municipal Court
facilities. Revenue for the fund is collected as a fee added to court fines.

TRUANCY PREVENTION & DIVERSION FUND: The purpose of this fund is to account
for monies collected under State statute to help fund a Juvenile Clerk. Revenue for the fund is
collected as a fee added to court fines.

MUNICIPAL JURY FUND: The purpose of this fund is to account for monies collected under
State statute to fund a portion of the cost of juror reimbursements and otherwise finance jury
services. Revenue for the fund is collected as a fee added to court fines.

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