Page 64 - Bedford-FY23-24 Budget

Fund Balance

Due to the COVID-19 Pandemic, the City of Bedford has not held their traditional events during the past two scal years. FY
22 had record growth in the receipt of hotel/motel tax collections, the primary revenue source for this fund. As the revenue
source has a restricted use, the fund balance has increased signi cantly during this period of low expenditures. While
events are resuming, expenses have not returned to pre-pandemic levels yet and continued increase in collections has
resulted in fund balance growth.

Projections
$2 .5M

$2M

$1.5M

$1M

$500K

$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Unassigned

FY2017 FY2018 FY2019 FY2020 % Change
— — — —
Fund Balance
Unassigned $675,312 $543,445 $142,760 $469,159 228.6%
Total Fund Balance: $675, 312 $543,445 $142 ,760 $ 469,159 228 .6%

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 64