Page 165 - City of Bedford FY22 Budget

Sales Taxes Summary

"13,144,000 $1,739,000

(15.2 5% vs. prior year)

Sa l es T a xes Pr op osed a n d H i st or i ca l Bu d get vs. Act u a l
15M

12.5M

10M

7.5M

5M

2.5M

0
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022
Actual Budgeted Over Budget

Sale s t ax is colle ct e d by t he St at e from t he sale of goods and se rv ice s. The Ge ne ral Fu nd re ce iv e s 1 % of e ach
dollar t ax e d wit hin t he C it y. In Janu ary of 1 9 9 5, t he cit ize ns of Be dford v ot e d t o adopt an addit ional sale s and
u se t ax wit hin t he C it y t o re du ce t he prope rt y t ax . This addit ional 0 .5% be came e ffe ct iv e in Oct obe r of 1 9 9 5.
Sale s t ax re v e nu e incre ase d by $1 ,739 ,0 0 0 from t he FY 20 20 -20 21 bu dge t as mont hly colle ct ions hav e se e n
st e ady growt h. Bu dge t amou nt s are de t e rmine d by st aff following a re v ie w of t he mont hly re port s and
e v alu at ing a rolling av e rage . St aff also t ak e s int o accou nt local e conomic condit ions whe n de t e rmining a
re asonable bu dge t amou nt .

City of Bedford, TX | Budget Book 2022 Page 165