Page 58 - Bedford-FY23-24 Budget

The Tourism Fund is one of the largest special revenue funds. This fund focuses on
activities which promote tourism to the City of Bedford. This fund also oversees the
City’s participation in historical preservation through the Old Bedford School.
Tourism
Development
The Tourism Fund’s primary source of revenue originates from the Hotel/Motel
Occupancy Tax. Hotel occupancy taxes are collected from each of the nine hotels
Fund
within the City limits. The City hotel occupancy tax rate is 7% of taxable receipts and
revenues are submitted on a monthly basis.

Summary
City of Bedford, TX is projecting $1.4M of revenue in FY2024, which represents a 1.0% increase over the prior year. Budgeted
expenditures are projected to increase by 3.7% or $38.17K to $1.08M in FY2024.

$2M

$1.5M

$1M
Ac tual Revenue Source
Budgeted Revenue Source
Ac tual Expenditures
$500K
Budgeted Expenditures

$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

Tourism Development Fund Comprehensive Summary

Name FY2021 Actual FY2022 Actual FY2023 Adopted Budget FY2023 Projected
Beginning Fund Balance: $469,159 $1,012,280 $1,756,290 $1,756,290
Revenues
Charges For Services $1,000 $0 $0 $0
Charges For Services $1,000 $0 $0 $0
Miscellaneous Income $24 $0 $0 $0
Miscellaneous Income $24 $0 $0 $0
Event Revenue $0 $0 $50,000 $0
Event Revenue $0 $0 $50,000 $0
Other Financing Sources $0 $13,456 $0 $0

Total Revenues: $2,048 $13,456 $100,000 $0

Expenditures
Personnel Services $216,767 $204,130 $283,215 $283,283

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 58