Page 23 - Bedford-FY24-25 Budget

Executive Overview

Fiscal Year 2024-2025 Financial and Economic Outlook

The nancial plan as presented in the operating budget should be considered from the broad perspective of
the speci c environment within which the City operates. The City of Bedford is located in the center of the
Dallas-Fort Worth Metroplex. The City encompasses 10.1 square miles and is 98% developed. The 2010 Census
re ects a population of 46,979, with the 2023 estimated population of 49,941. The net taxable assessed value of
property within the City increased this year to $6,719,501,658. This represents an increase of $385,757,937, or 6.1%,
in taxable value compared to FY 2023-2024.

A signi cant portion of the City’s general operating revenue is derived from sales tax and efforts to maintain
and grow the sales tax base are a high priority. As a policy, the City strives to attract high quality, visually
appealing businesses, as well as revitalize and invest in areas that have seen some deterioration of economic
activity.

Planning for the Future
Current long-range nancial planning primarily revolves around several major water/sewer system
infrastructure projects, as well as signi cant improvements to the stormwater drainage system. A successful
bond election in November 2013 authorized funding for Phase I of improvements to the Bedford Boys Ranch,
the City’s largest park. Council and staff worked with Kimley-Horn and Associates to evaluate the current
facilities at the Boys Ranch and provide a plan for the future of the Park. This was presented to the voters as the
$70 million Phase Next project in a bond referendum on November 7, 2017, which passed. Plans for Phase Next
move forward with design work being conducted for a multi-generational facility, indoor and outdoor aquatics,
and ball eld improvements in the Park. The facilities opened in January 2023.

As the City approaches full build out, planning tools such as the Master Highway Corridor Overlay District and
other planned programs provide for re-development of certain aging corridors within the City. Maintenance
funds have been established for capital assets, recognizing that a scheduled maintenance, repair and
replacement program provides for the best utilization of nancial resources.

The City Council approved the design standards for a proposed 100-acre development called Bedford
Commons, which is envisioned to be a mixed-use residential and retail development bordered by Forest Ridge
Drive on the west, Bedford Road on the north, Central Drive to the east, and Highway 183 to the south. The
Bedford Commons footprint is adjacent to the Cultural District, which was established by the City Council in
2011. The City has approved a Tax Increment Redevelopment Zone (TIRZ) for that area to aid in development.

Financial Highlights
The total budget for FY 2024-2025, including capital purchases, Street Improvement Economic Development
Corporation maintenance projects, debt service and transfers between funds, is $97,573,613. This represents a
decrease of $810,222, or -0.82%, when compared to the amended budget for FY 2023-2024. While the FY 2023-
2024 budget was amended, the amendments were for one-time items in the current scal year. The budget
addresses staff retention and maintenance needs for the City.

Funding Priorities
Funding priorities are established each year based on City Council goals and objectives. The process of making
funding decisions begins with staff budget analysis of budget history and trends, reviewing current year
initiatives, status of year-to-date spending, and identi cation of major challenges that will be faced in the
upcoming scal year.

Compensation/Bene{ts
In FY 2016-2017, a Public Safety Step Plan was instituted for all sworn Police and Fire personnel. The FY 2024-
2025 budget includes funding to continue the step plan. The budget also includes some position reclasses to
remain competitive with recruitment and retention.

City of Bedford, TX | Adopted Budget FY 2024-2025 Page 23