Page 50 - Bedford-FY23-24 Budget

The General Fund functions as the primary operating fund for the City of
Bedford. It is a governmental fund and considered a major fund. It is used
to account for resources traditionally associated with governments, which
are not required to be accounted for in another fund. Several revenue
sources support expenditures in this fund including ad valorem tax, sales
General Fund
tax, franchise taxes, charges for service, licenses, permits, and other
miscellaneous categories of revenue. The General Fund accounts for such
functions as general government, administrative services, police, re,
public works, planning and community development, and parks and
community services.

Summary
City of Bedford, TX is projecting $45.42M of revenue in FY2024, which represents a 5.3% increase over the prior year.
Budgeted expenditures are projected to increase by 9.4% or $4.03M to $46.64M in FY2024.
Ongoing revenues remain above ongoing expenditures, with a budgeted draw down of reserves for one-time capital
purchases. The fund balance remains above policy reserve levels and is in line with best practices.

$60M

$50M

$ 40M

$30M
Ac tual Revenue Source
$20M Budgeted Revenue Source
Ac tual Expenditures
Budgeted Expenditures
$10M

$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

General Fund Comprehensive Summary

Name FY2021 Actual FY2022 Actual FY2023 Adopted Budget FY2023 Projected FY2024 Budgeted
Beginning Fund Balance: $12,442,040 $15,663,885 $8,436,311 $8,436,311 $10,804,423
Revenues
Property Taxes $18,092,176 $17,789,765 $20,252,240 $20,100,840 $20,925,810
Sales Taxes $10,020,364 $11,398,992 $11,630,050 $12,026,634 $12,605,818
Other Taxes $243,461 $238,371 $220,000 $250,032 $250,000
Franchise Fees $2,751,593 $2,956,107 $2,811,000 $2,891,723 $2,898,000
Licenses And Permits $877,105 $1,183,658 $1,075,550 $889,688 $847,850
Fines & Forfeitures $970,987 $1,064,230 $1,079,600 $1,332,214 $1,145,200
Charges For Services $2,360,190 $2,517,599 $2,325,800 $2,315,568 $2,294,334
Miscellaneous Income $312,788 $591,157 $139,500 $667,443 $533,000

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 50