Page 211 - Bedford-FY22-23 Budget

Sales Taxes Summary

B15,525,400 $2,381,400
(18.12% vs. prior year)

Sales Taxes Proposed and Historical Budget vs. Actual

$17.5M

$15M

$12.5M

$10M

$7.5M

$5M

$2.5M

$0
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Actual Budgeted Over Budget

Sales tax is collected by the State from the sale of goods and services. The General Fund receives 1% of each
dollar taxed within the City. In January of 1995, the citizens of Bedford voted to adopt an additional sales and
use tax within the City to reduce the property tax. This additional 0.5% became effective in October of 1995.
Sales tax revenue increased by $2,381,400 across all funds from the FY 2021-2022 budget as monthly
collections have seen steady growth. Budget amounts are determined by staff following a review of the
monthly reports and evaluating a rolling average. Staff also takes into account local economic conditions
when determining a reasonable budget amount.

City of Bedford, TX | Adopted Budget FY 2023 Page 211