Page 6 - Bedford-FY23-24 Budget

Transmittal Letter

Jimmy Stathatos, City Manager

October 1, 2023

Honorable Mayor, Council Members, and Bedford Community Members –

I respectfully submit to you the Fiscal Year (FY) 2023-2024 Budget for the City of Bedford. This represents the
annual nancial plan and allocation of public resources for the coming year. The proposed 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 budget for FY 2023-2024, including capital purchases, debt service commitments, Street
Improvement Economic Development Corporation’s maintenance projects, and transfers between funds, is
$94,657,734. This represents an increase of $5,450,883, or 6.11 percent when compared to the FY 2022-2023
amended budget. This increase is primarily related to one-time items or capital projects.

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 10.81 percent, or $618 million. Therefore, the total net taxable
values included in this year’s budget is $6,333,743,721. Even though the community is 98% developed, the
City of Bedford still witnessed a 12.27% increase in residential values, as well as an increase of 9.23% and 5.96%
respectively among the commercial and industrial valuations.

The tax rate for the FY 2023-2024 Budget will be $0.495726 per $100 assessed valuation. This is the same tax
rate in the FY 2022-2023 Adopted Budget. This will allow the City to continue the Public Safety Step Pay Plan,
as well as add additional funding for digital content and events/programs in the Library. Additionally, this
budget allows for an increase in funding to the Alliance for Children sponsorship, enhanced communication
techniques and a much needed security update to city facilities.

This past year the City was able to accomplish many items. We celebrated the Grand Re-Opening of The
Center at Generations Park in January! We continue to implement the Street Improvement Master Plan,
which correlates to an increase in our PCI scores. Also, this past year, the city was able to purchase a building
for a future senior center. We continue to look at our capital projects and this budget includes the current
year capital improvement 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 Assistant City Manager Caryn Riggs and
Finance Director Brady Olsen, who spent long hours providing thoughtful and detailed analysis in producing
this comprehensive document for your consideration. 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.

Respectfully,

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 6