Page 6 - Bedford-FY22-23 Budget

Transmittal Letter

Jimmy Stathatos, City Manager

October 1, 2022

Honorable Mayor, Council Members, and Bedford Community Members –

I respectfully submit to you the Fiscal Year (FY) 2022-2023 Budget for the City of Bedford. This represents the
annual nancial plan and allocation of public resources for the coming year. The budget was developed with
a focus on progressing toward the City’s goals and providing excellent day-to-day services to Bedford
residents.

The total proposed budget for FY 2022-2023, including capital purchases, debt service commitments, Street
Improvement Economic Development Corporation’s maintenance projects, and transfers between funds, is
$87,255,335. This represents a decrease of $7,114,124, or 7.7 percent when compared to the FY 2021-2022
amended budget.

The City’s objective is to provide quality services that re ect the community’s goals and vision within
reasonable scal limits. The program of services, which is the City’s annual scal budget, is developed in
alignment with the City Council’s strategic plan, as well as the desires of Bedford residents. The budgeting
process seeks to allocate nite resources to maintain quality service levels. As such, Bedford must continue
to assess how the decisions of today impact the ability of the City to be successful over the long-term.

The City’s estimated net taxable values grew by 11.55 percent, or $591 million. Therefore, the total net taxable
values included in this year’s proposed budget is $5,715,698,269. Even though the community is 98%
developed, the City of Bedford still witnessed a 10.68% increase in residential values, as well as an increase of
12.79% and 5.60% respectively among the commercial and industrial valuations. With the new increase in
values, the City would need to lower the tax rate to the Voter Approval Rate (VAR) of $0.495726 per $100
assessed valuation.

The tax rate for the FY 2022-2023 Budget will be $0.495726 per $100 assessed valuation. This represents a
10.19 percent decrease from the current rate of $0.552000, and is the City’s lowest tax rate in ve (5) years.
Despite a reduction in the property tax rate, the FY 2022-2023 Budget will still generate a 2.75 percent
increase in total property taxes over the current year’s budget. This equates to an increase of $717,693. The
proposed revenue generated from the new tax rate would allow the City to fund increased ef ciencies, such
as a new work order system for Public Works, as well as, the continuation of public safety step pay plan.
Additionally, it allows for technological enhancements to increase network security.

This past year the City was able to implement many capital projects, such as the continuation of the Street
Improvement Master Plan, including the repaving of Harwood Road and the near completion of the Center
at Boys Ranch. The proposed budget will enable the City to continue executing this Plan.

This budget would not be possible without the efforts the Mayor and City Council for their guidance and
support throughout the development of this document. It is a collaborative effort and involves employees at
all levels of the organization, City Manager’s Of ce, Department Directors, and their staff. A very special
thanks goes to Strategic Services Manager Meg Jakubik, for all the hard work, patience, and determination
she has demonstrated throughout this process. Thank you to Chief Financial Of cer Caryn Riggs and
Assistant to the City Manager Brandi West, who spent long hours providing thoughtful and detailed analysis
in producing this comprehensive document. I’d also like to thank the other staff members that helped
contribute to this plan to provide excellent services to the residents of Bedford.

City of Bedford, TX | Adopted Budget FY 2023 Page 6