Page 57 - Bedford-FY24-25 Budget

The Tourism Fund is one of the largest special revenue funds. This fund focuses on
activities which promote tourism to the City of Bedford. This fund also oversees the
Tourism City’s participation in historical preservation through the Old Bedford School.
Development
Fund The Tourism Fund’s primary source of revenue originates from the Hotel Occupancy
Tax. Hotel occupancy taxes are collected from each of the nine hotels within the City
limits. The City hotel occupancy tax rate is 7% of taxable receipts and revenues are
submitted on a monthly basis.

Summary

City of Bedford, TX is projecting $1.49M of revenue in FY2025, which represents a 5.9% increase over the prior year. Budgeted
expenditures are projected to increase by 36.2% or $390k to $1.47M in FY2025.

$2M

$1.5M

$1M
Ac tual Revenue Source
Budgeted Revenue Source
Ac tual Expenditures
$500K
Budgeted Expenditures

$0
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Tourism Development Fund Comprehensive Summary

Name FY2022 FY2023 FY2024 Amended FY2024 FY2025
Ac tual Ac tual Budget Projec ted Budgeted
Beginning Fund Balance: $1,012 , 280 $1,756 , 290 $2 ,413, 849 $2 ,413, 849 $3,001, 350
Revenues
Other Taxes $1,343,965 $1,531,409 $1,250,000 $1,379,944 $1,315,000
Charges For Services $0 $10,300 $9,000 $8,175 $12,500
Miscellaneous Income $21,724 $106,209 $48,000 $125,765 $99,020
Event Revenue $0 $53,242 $97,500 $60,742 $61,000
Other Financing Sources $13,456 $0 $0 $0 $0

Total Revenues: $1, 379,145 $1,701,160 $1,404 ,500 $1,574 ,626 $1,4 87,520

Expenditures
Personnel Services $204,130 $281,103 $181,962 $112,937 $179,274
Contractual Services $98,000 $585,082 $574,780 $560,498 $702,934
Supplies $15,332 $8,006 $22,800 $15,500 $27,300

City of Bedford, TX | Adopted Budget FY 2024-2025 Page 57