Page 231 - Bedford-FY23-24 Budget
P. 231
Sales Tax Collection by Type
Sales Tax Collection
17,500,000
15,000,000
12,500,000
Values 10,000,000
7,500,000
5,000,000
2,500,000
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024*
4B Econ. Dev. Street Improvement Proper ty Tax Reduc tion General Fund
The City receives 2% of the Sales Tax on purchases in Bedford. This is further split into three parts based on their allowed use.
One percent is available for use by the General Fund. The citizens of Bedford elected to use one-half percent for a reduction in
the property tax rate. This amount is used in the truth-in-taxation calculation in determining the tax rate each year and also
available in the General Fund. Finally, Bedford voters approved a half-cent sales tax to be used for road maintenance and
improvement needs, which went into effect on April 1, 1998. The 4B funding is used for a program of annual preventative
maintenance of City streets. The Bedford Street Improvement Economic Development Corporation was created to direct and
authorize all expenditures, with the City Council having nal approval. The Council appointed Corporation is comprised of
citizens and elected of cials.
These amounts are net of economic development incentives. Figures shown for FY 2023 and FY 2024 are budgeted amounts.
City of Bedford, TX | Proposed Budget FY 2023-2024 Page 231
