Page 49 - Benbrook FY2021

IMPACT OF CORE VALUE FUND ON 2020-21 BUDGET

The City of Benbrook has no planned expenses for the 2020-21 with financing from the Core Value Fund.

In 2014 the expansion of Benbrook Boulevard, the stretch of Highway 377 spanning from Winscott Road/Lakeway Drive north to the IH20/Loop
820 junction, was started. The Texas Department of Transportation (TXDOT) project includes the addition of a median and left turn signals
across the approximately 1.3 miles of highway. The development is expected to improve accessibility to businesses along Benbrook Boulevard
and to encourage growth by creating more opportunity for businesses to thrive. This economic growth is anticipated to result in community
advancement, to create a brighter future for Benbrook, and to increase the quality of life for current and for future generations.

The Benbrook Boulevard Expansion Project impacted the 2016-17 Operating Budget. Staff estimates the loss of approximately $100,000 in
sales tax revenue during the construction period in 2016-17 due to the inconvenience factor. In 2018-19, however, General Fund sales tax
revenue had increased significantly due to the near completion of the Benbrook Boulevard Expansion Project and continues to grow in 2019-
20.

DEVELOPMENT OF CORE VALUE STATEMENT

To articulate these policies on a formal basis, City Staff developed a Core Value Statement. The Core Value Statement is intended to: (1)
express the over-riding priorities of the City, (2) state the character and nature of government in Benbrook, and (3) serve as a guide for future
City Councils.

The Council met in two work sessions to review and refine the Core Value Statement. The Core Value Statement establishes specific financial
goals and includes written commitments by the Council. The Core Value Statement represents the fundamental policy of Benbrook governance.
Council approved the Core Value Statement at the January 19, 2006 Council meeting. In January 2010, Council reviewed the Core Value
Statement.

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