Page 97 - Bedford-FY23-24 Budget

This governmental fund is used to account for the revenue and
expenditures related to economic development related activities,
particularly as they pertain to agreements made through Chapter 380 of
the Texas Local Government Code and the City’s Economic Development
Incentive Policy and Program.
Economic Dev
Under Chapter 380 of the Texas Local Government Code, the City Council is
Fund
able to partner with local businesses using authorized tools, such as tax
rebates, to provide incentive packages for business recruitment and
retention. This fund is used to account for reimbursements upon
veri cation of compliance with each agreement's parameters.

Summary

City of Bedford, TX is projecting $82K of revenue in FY2024, which represents a 72.8% decrease over the prior year. Budgeted
expenditures are projected to increase by 25.9% or $35K to $170K in FY2024.

$600K

$500K

$ 400K

$300K
Ac tual Revenue Source
$200K Budgeted Revenue Source
Ac tual Expenditures
Budgeted Expenditures
$100K

$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

Economic Dev Fund Comprehensive Summary

Name FY2021 Actual FY2022 Actual FY2023 Adopted Budget FY2023 Projected
Beginning Fund Balance: $812,554 $679,043 $1,225,779 $1,225,779
Revenues
Other Transfers In $50,000 $550,000 $300,000 $300,000

Total Revenues: $50,000 $550,000 $300,000 $300,000

Expenditures
Contractual Services $25,188 $8,875 $135,000 $318,457
Debt Service & Transfers $160,000 -$160,000 $0 $0
Capital Outlay $0 $160,000 $0 $0
Total Expenditures: $185,188 $8,875 $135,000 $318,457

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 97