Page 93 - Bedford-FY24-25 Budget

This governmental fund is used to account for the revenue and expenditures related
to economic development related activities, particularly as they pertain to
agreements made through Chapter 380 of the Texas Local Government Code and the
Economic City’s Economic Development Incentive Policy and Program.
Development
Fund Under Chapter 380 of the Texas Local Government Code, the City Council is able to
partner with local businesses using authorized tools, such as tax rebates, to provide
incentive packages for business recruitment and retention. This fund is used to
account for reimbursements upon veri cation of compliance with each agreement's
parameters.
Summary

City of Bedford, TX is projecting $101.25K of revenue in FY2025, which represents a 23.5% increase over the prior year.
Budgeted expenditures are projected to decrease by 41.2% or $70K to $100K in FY2025.

$600K

$ 400K

Ac tual Revenue Source
$200K Budgeted Revenue Source
Ac tual Expenditures
Budgeted Expenditures

$0
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Economic Development Fund Comprehensive Summary

Name FY2022 FY2023 FY2024 Amended FY2024 FY2025
Ac tual Ac tual Budget Projec ted Budgeted
Beginning Fund Balance: $679,043 $1, 225,779 $1,183, 342 $1,183, 342 $1,127, 399
Revenues
Miscellaneous Income $5,611 $52,247 $32,000 $64,057 $51,246
Other Transfers In $550,000 $300,000 $50,000 $50,000 $50,000

Total Revenues: $555,611 $352 , 247 $82 ,000 $114 ,057 $101, 246

Expenditures
Contractual Services $8,875 $294,684 $170,000 $170,000 $100,000
Debt Service & Transfers -$160,000 $0 $0 $0 $0
Capital Outlay $160,000 $100,000 $0 $0 $0

Total Expenditures: $8 , 875 $394 ,684 $170,000 $170,000 $100,000

City of Bedford, TX | Adopted Budget FY 2024-2025 Page 93