Page 26 - Bedford-FY24-25 Budget

Tourism Fund — This fund was established to record revenue and expenditures associated with the collection
of a 7% hotel/motel occupancy tax levied by the City of Bedford and authorized by the State of Texas. The tax is
levied on the rental rate for hotel rooms in Bedford when the room is occupied by the same tenant for a period
of not more than 30 days. Funds generated by the Hotel Occupancy Tax are used to promote tourism, arts and
culture, and historic preservation.

Signi cant programs funded by the Tourism Fund include special events designed to bring tourism to the City
of Bedford. Also included in this fund are resources to support of arts and culture in Bedford.

— In November 1997, the citizens of Bedford
Street Improvement Economic Development Corporation
approved an additional one-half of one percent sales tax for the purpose of economic development.
Speci cally, these funds are allocated to street and road improvements within the City of Bedford, along with
paying for the maintenance and operating expenses related to the projects. The City of Bedford Street
Improvement Economic Development Corporation was subsequently formed to administer the funds provided
by the additional sales tax revenue.

Budgeted revenue for the Corporation in FY 2024-2025 is $4,502,899 and budgeted expenditures total
$5,913,573. These expenditures include preventive maintenance contracting, supplies and capital projects.
Expenses for the Corporation are approved by the Board of Directors and recommended to the City Council for
approval.

– This fund was created in FY 2021-2022 to account for the Tax Reinvestment Zone. The City
TIF Fund
participates in the zone at 75% of the incremental value, both Tarrant County and Tarrant County College
District participate at 50% of the incremental value. This fund accounts for the revenues and expenditures
associated with the zone. There have been no expenditures to date.

Miscellaneous Special Revenue Funds

Fund — This fund accounts for monies collected under State Statute designed to provide
Cour t Security
security for the Municipal Court facilities. These funds are used speci cally to pay for a portion of the salary,
bene t and operating costs of a full-time bailiff/warrant of cer in the Municipal Court.

Truancy Prevention & Diversion Fund — This fund accounts for monies collected under the State Statute for
nancing the expenses of a juvenile case manager, including salary, bene ts, training, travel expenses, of ce
supplies, and other necessary expenses. This fund was established during FY 2019-2020.

Fund — This fund accounts for monies collected under the State Statute to fund juror
Municipal Jur y
reimbursements. This fund was established during FY 2019-2020.

Fund — This fund is used for monies collected under State Statute designed to provide
Cour t Technology
increased technology for the Municipal Court facilities. These funds are used speci cally to pay for the
operating costs of the Municipal Court computer systems, audio-video system in the courtroom, and hand-
held electronic ticket writers used by the Police Department.

Fund — This fund accounts for revenue and expenditures related to various City-wide
Beauti{cation
beauti cation programs proposed by the City’s Beauti cation Commission. Annual revenue of $10,000 is
collected via a grant from Republic Services, designated speci cally for beauti cation projects within the City.

Fund –This fund is used in conjunction with the City of Bedford Economic
Economic Development
Development Policy and Program and the City of Bedford Retail Center Revitalization Program (RCR). This fund
receives an annual transfer of $50,000 to be used by the City Council for incentives and payments related to
approved Economic Development agreements. Funding is authorized for a revitalization study and economic
development incentive grants.

City of Bedford, TX | Adopted Budget FY 2024-2025 Page 26