Page 548 - Bedford-FY24-25 Budget

REPORTING. Periodic financial reports will be prepared to enable the Department Directors to
manage their budgets and to enable the Director of Finance to monitor and control the budget as
authorized by the City Manager.

AMENDING. The adopted budget may be amended to meet the needs of departments due to
unforeseen circumstances provided there is adequate funding for such amendments. Upon the
affirmative vote of a majority of the full membership of the council, the original budget may be
amended or supplemented. Such supplements and amendments shall be approved in an ordinance
and shall be filed with the original budget. (See Section 4.09 of the City Charter)

IV. REVENUE MANAGEMENT

The City will strive for the following optimum characteristics in its revenue system:

SIMPLICITY. The City, where possible and without sacrificing accuracy, will strive to keep the
revenue system simple in order to reduce compliance costs for the taxpayer or service recipient.
This will result in a corresponding decrease in the City’s costs for collection and a reduction in
avoidance to pay.

CERTAINTY. A knowledge and understanding of revenue sources increases the reliability of the
revenue system. The City will understand its revenue sources and enact consistent collection
policies to provide assurances that the revenue base will materialize according to budgets and
plans.

EQUITY. The City shall require that there be a balance in the revenue system, i.e., the revenue
base will have the characteristic of fairness and neutrality as it applies to cost of service,
willingness to pay, and ability to pay.

ADMINISTRATION. The benefits of a revenue type will exceed the cost of producing the
revenue. The collection process will be reviewed periodically for cost effectiveness as a part of
the indirect cost and cost of service analysis.

DIVERSIFICATION AND STABILITY. In order to protect from fluctuations in a revenue
source due to fluctuations in the economy and variations of other factors, a diversified revenue
source will be pursued and maintained as a stable source of income.

CONSERVATIVE ESTIMATION OF REVENUE. In order to mitigate the effects of
fluctuations in a revenue source due to fluctuations in the economy and variations of other factors,
all revenues will be conservatively estimated with the exception of property tax and inter-fund
transfers.
COST/BENEFIT OF ABATEMENT. The City will use due caution in the analysis of any tax
or fee incentives that are used to encourage development. Ideally, a cost/benefit (fiscal impact)
analysis will be performed as a part of such caution.

NON-RECURRING REVENUES. One-time or non-recurring revenues will not be used to
finance current ongoing operations. Non-recurring revenues should be used only for one-time
expenditures such as long-lived capital needs. They will not be used for budget balancing
purposes. Non-recurring revenues may be allocated to a specific fund(s) with the approval of the
City Council.