Page 57 - Bedford-FY23-24 Budget

Name FY2021 Actual FY2022 Actual FY2023 Adopted Budget FY2023 Projected FY2023 Adopted Budget
vs. FY2024 Budgeted (%
Change)
Contractual Services $3,822,624 $4,680,213 $5,405,785 $5,280,224 -100%
Supplies $1,563,154 $1,904,337 $1,592,165 $1,586,262 -100%
Maintenance $1,002,813 $1,462,677 $1,094,160 $1,136,669 -100%
Debt Service & Transfers $1,174,809 $1,188,823 $1,264,800 $1,264,115 -100%
COVID & Misc $335,740 $165,166 $0 $9,337 0%
Utilities $622,308 $976,795 $814,520 $1,047,265 -100%
Capital Outlay $93,300 $9,405,010 $32,000 $32,000 -100%
Total Expense Objects: $36,571,514 $49,732,054 $42,737,100 $42,173,197 -100%

Fund Balance
During FY 21-22, the City was presented with the opportunity to purchase a piece of property at the entrance of the City. In
order to have control of the future development of the property, the City Council elected to proceed with the land purchase,
using fund balance for the expense. This caused a signi cant decline in the fund balance, while still keeping it above the
20% threshold required by the City's nancial policies. As part of the budget process, Council and Staff consider the use of
fund balance for one-time purchases. Included in the FY 23-24 adopted budget are several one-time expenses that utilize
fund balance while remaining above the 20% threshold.

Projections

$20M

$15M

$10M

$5M

$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Unassigned

FY2017 FY2018 FY2019 FY2020 % Change
— — — —
Fund Balance
Unassigned $5,761,990 $6,987,995 $8,257,065 $12,442,040 50.7%

Total Fund Balance: $5,761,990 $6 ,987,995 $8 , 257,065 $12 ,442 ,040 50.7%

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 57