Page 24 - City of Bedford FY22 Budget

Executive Overview

Fis cal Year 2021-2022 Financial and E conom ic O utlook

The { nancial plan as pre se nt e d in t he ope rat ing bu dge t shou ld be conside re d from t he broad
pe rspe ct iv e of t he spe ci{ c e nv ironme nt wit hin which t he C it y ope rat e s. The C it y of Be dford is locat e d in
t he ce nt e r of t he Dallas-Fort Wort h Me t rople x . The C it y e ncompasse s 1 0 .1 squ are mile s and is 9 8%
de v e lope d. The 20 1 0 C e nsu s re | e ct s a popu lat ion of 4 6 ,9 79 , consist e nt wit h t he 20 21 e st imat e d
popu lat ion of 4 8,81 0 . The t ot al t ax able asse sse d v alu e of prope rt y wit hin t he C it y incre ase d t his y e ar t o
$5,1 24 ,0 9 5,56 6 . This re pre se nt s an incre ase of $229 ,786 ,1 52, or 4 .6 9 %, in t ax able v alu e compare d t o FY
20 20 -20 21 .

A signi{ cant port ion of t he C it y ’s ge ne ral ope rat ing re v e nu e is de riv e d from sale s t ax and e ffort s t o
maint ain and grow t he sale s t ax base are a high priorit y. As a policy, t he C it y st riv e s t o at t ract high qu alit y,
v isu ally appe aling bu sine sse s, as we ll as re v it alize and inv e st in are as t hat hav e se e n some de t e riorat ion
of e conomic act iv it y.

P lanning for the Future

C u rre nt long-range { nancial planning primarily re v olv e s arou nd se v e ral major wat e r/se we r sy st e m
infrast ru ct u re proje ct s, as we ll as signi{ cant improv e me nt s t o t he st ormwat e r drainage sy st e m. A
su cce ssfu l bond e le ct ion in Nov e mbe r 20 1 3 au t horize d fu nding for Phase I of improv e me nt s t o t he
Be dford Boy s R anch, t he C it y ’s large st park . C ou ncil and st aff work e d wit h Kimle y -Horn and Associat e s t o
e v alu at e t he cu rre nt facilit ie s at t he Boy s R anch and prov ide a plan for t he fu t u re of t he Park . This was
pre se nt e d t o t he v ot e rs as t he $70 million Phase Ne x t proje ct in a bond re fe re ndu m on Nov e mbe r 7,
20 1 7, which passe d. Plans for Phase Ne x t mov e forward wit h de sign work be ing condu ct e d for a mu lt i-
ge ne rat ional facilit y, indoor and ou t door aqu at ics, and ball { e ld improv e me nt s in t he Park . C onst ru ct ion
on t he improv e me nt s is cont inu ing and e st imat e d t o comple t e in t he ne x t { scal y e ar.
As t he C it y approache s fu ll bu ild ou t , planning t ools su ch as t he Mast e r Highway C orridor Ov e rlay Dist rict
and ot he r planne d programs prov ide for re -de v e lopme nt of ce rt ain aging corridors wit hin t he C it y.
Maint e nance fu nds hav e be e n e st ablishe d for capit al asse t s, re cognizing t hat a sche du le d maint e nance ,
re pair and re place me nt program prov ide s for t he be st u t ilizat ion of { nancial re sou rce s.

The C it y C ou ncil approv e d t he de sign st andards for a propose d 1 0 0 -acre de v e lopme nt calle d Be dford
C ommons, which is e nv isione d t o be a mix e d-u se re side nt ial and re t ail de v e lopme nt borde re d by Fore st
R idge Driv e on t he we st , Be dford R oad on t he nort h, C e nt ral Driv e t o t he e ast , and Highway 1 83 t o t he
sou t h. The Be dford C ommons foot print is adjace nt t o t he C u lt u ral Dist rict , which was e st ablishe d by t he
C it y C ou ncil in 20 1 1 . The C it y is cu rre nt ly { nalizing t he cre at ion of a Tax Incre me nt R e de v e lopme nt Zone
(TIR Z) for t hat are a t o aid in de v e lopme nt .

Financial Highlights

The t ot al propose d bu dge t for FY 20 20 -20 21 , inclu ding capit al pu rchase s, St re e t Improv e me nt E conomic
De v e lopme nt C orporat ion maint e nance proje ct s, de bt se rv ice and t ransfe rs be t we e n fu nds, is
<20 22_all_fu nds_e x pe ndit u re s>. This re pre se nt s an incre ase of $9 55,0 1 0 , or 1 .1 9 %, whe n compare d t o t he
ame nde d bu dge t for FY 20 20 -20 21 . The adopt e d bu dge t re | e ct s t he priorit ie s ide nt i{ e d by t he C it y
C ou ncil t hrou gh t he bu dge t de libe rat ion and addre sse s st aff re t e nt ion and maint e nance ne e ds for t he
C it y.
Funding P riorities

Fu nding priorit ie s are e st ablishe d e ach y e ar base d on C it y C ou ncil goals and obje ct iv e s. The proce ss of
mak ing fu nding de cisions be gins wit h st aff bu dge t analy sis of bu dge t hist ory and t re nds, re v ie wing
cu rre nt y e ar init iat iv e s, st at u s of y e ar-t o-dat e spe nding, and ide nt i{ cat ion of major challe nge s t hat will be
face d in t he u pcoming { scal y e ar.

City of Bedford, TX | Budget Book 2022 Page 24