Page 82 - City of Bedford FY21 Budget

customers. Water sales account for approximately 59.5% of total revenues for the Water Fund
and represent 18.75% of the City’s overall budgeted revenue for FY 2020-2021. Sewer charges
account for approximately 38.1% of the total revenues in this Fund and 12.0% of the City’s
budgeted revenue for FY 2020-2021. The balance of the revenue includes interest earnings on
investments, tap fees, reconnect fees, and inspection fees.

The Stormwater Utility fund is the second enterprise fund that is operated by the City of
Bedford. Stormwater Fund revenues total $1,651,000 for FY 2020-2021. Other revenue in the
fund includes interest earnings and income received from the City’s solid waste contractor for
the purpose of funding the household hazardous waste program.

SPECIAL REVENUE FUNDS

A number of special revenue funds are included within the FY 2020-2021 budget. These funds
have been established to record the activities of a variety of special programs such as Public
Safety Training, Municipal Court Technology, and Municipal Court Security. The source of
funding for these activities is primarily grant funding and fees charged in conjunction with fines
collected in municipal court.

The Tourism Fund is one of the largest special revenue funds. This fund focuses on activities
which promote tourism to the City of Bedford. This fund also oversees the City’s participation
in historical preservation through the Old Bedford School.

The Tourism Fund’s primary source of revenue originates from the Hotel/Motel Occupancy Tax.
Hotel occupancy taxes are collected from each of the nine hotels within the City limits. The City
hotel occupancy tax rate is 7% of taxable receipts and revenues are submitted on a monthly
basis. The anticipated revenue from the hotel occupancy tax is slightly increased for the fund
this year due to trends in actual collections. Staff will be monitoring the trend moving forward
with the anticipated opening of two more hotel properties and the effects on revenue from the
COVID-19 Pandemic.

There are also several other special revenue funds. They include Park Donations, Beautification
Commission Fund, and the Street Improvement Economic Development Fund. Revenues for the
Park Donation Fund originate from an optional park donation included in the citizens’ water
bills. The Beautification Commission Fund receives revenue from the solid waste contractual
agreement. Finally, the Street Improvement Economic Development Fund receives revenues
from a half-cent sales tax. The tax was approved in November 1997.

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