Page 549 - Bedford-FY24-25 Budget

PROPERTY TAX REVENUES. All real and business personal property located within the City
shall be valued at 100% of the fair market value for any given year based on the current appraisal
supplied to the City by the Tarrant Appraisal District. Reappraisal and reassessment shall be done
regularly as required by State law.

In January of 1995, the citizens of Bedford approved an additional one-half of one percent sales
tax for property tax reduction, as provided for in the State Property Tax Code. This resulted in a
reduction of the operations and maintenance property tax rate of approximately eleven cents in the
subsequent fiscal year. This reduction is called the sales tax adjustment rate and is re-calculated
on an annual basis.

The adopted tax rate should not exceed the voter approved rate as computed by Truth in Taxation
laws. Property tax revenues will be estimated based on the actual percentage of collections for the
prior year, net of any unusual or non-recurring activity.

SALES TAX. Sales tax revenue projections shall be conservative due to the volatile nature of this
economically sensitive revenue source.

USER-BASED FEES. For services associated with a user fee or charge, the direct and indirect
costs of that service will be offset by a fee where possible. There will be a periodic review of fees
and charges to ensure that fees provide adequate coverage of costs of services.

UTILITY RATES. The City will review utility rates annually to ensure there is adequate funding
to support operations, meet legal requirements of bond covenants and contractual obligations, as
well as fund capital needs. This will occur during the annual budget process.

V. EXPENDITURE CONTROL

APPROPRIATIONS. The level of budgetary control is the Department level budget in the
Governmental and Proprietary Funds, and the Fund level in all other funds. Budget appropriation
amendments at lower levels shall be made in accordance with applicable administrative
procedures.

PURCHASING. All City purchases and contracts shall conform to the City’s Purchasing Policy.

PROMPT PAYMENT. All invoices approved for payment by the proper City authorities shall
be paid by the Finance Division according to state law. The Director of Finance shall establish
and maintain proper procedures which will enable the City to take advantage of all purchase
discounts, when possible, except in the instance where payments can be reasonably and legally
delayed in order to maximize the City’s investable cash.

RISK MANAGEMENT. The City will aggressively pursue every opportunity to provide for the
Public’s and City employees safety and to minimize the risk of loss of resources through liability
claims with an emphasis on safety programs.

VI. ASSET MANAGEMENT
INVESTMENTS. The Director of Finance shall promptly invest all City funds in accordance
with the provisions of the current Bank Depository Agreement or in accordance with the City