Page 90 - Bedford-FY23-24 Budget
P. 90
In November 1997, Bedford voters approved a half-cent sales tax for the purpose of
maintenance and improvements of the street network. Following approval of the tax
levy, the Bedford Street Improvement Economic Development Corporation (SIEDC)
was created to direct and authorize all expenditures, with the City Council having nal
Edc -4B Street
approval. The Council appointed a corporation that is composed of citizens and
Improvement
elected of cial to oversee the nancial expenditures, street network maintenance and
improvements. The street network is comprised of the roadway, curb and gutter,
sidewalks, traf c signals, lane and intersection markings, and street signs.
Summary
The City of Bedford is projecting $4.3M of revenue in FY2024, which represents a 11% increase over the prior year. Budgeted
expenditures are projected to increase by 46% or $2.2M to $6.9M 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.
$8M
$6M
$ 4M
Ac tual Revenue Source
Budgeted Revenue Source
Ac tual Expenditures
$2M
Budgeted Expenditures
$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Edc -4B Street Improvement Comprehensive Summary
Name FY2021 Actual FY2022 Actual FY2023 Adopted Budget FY2023 Projected
Beginning Fund Balance: $2,943,948 $3,937,543 $4,904,332 $4,904,332
Revenues
Other Governmental $100,000 $139,000 $0 $0
Total Revenues: $100,000 $139,000 $0 $0
Expenditures
Contractual Services $1,608,519 $1,725,950 $2,199,380 $2,674,969
Supplies $25,274 $37,631 $44,800 $31,800
Maintenance $449,418 $138,839 $167,120 $140,620
Debt Service & Transfers $285,960 $994,837 $1,011,630 $1,011,630
Capital Outlay $113,726 $131,487 $1,330,000 $1,258,800
Total Expenditures: $2,482,896 $3,028,744 $4,752,930 $5,117,819
Total Revenues Less Expenditures: -$2,382,896 -$2,889,744 -$4,752,930 -$5,117,819
City of Bedford, TX | Proposed Budget FY 2023-2024 Page 90
