Page 14 - Bedford-FY25-26 Budget

Financial Policies
The City of Bedford adheres to adopted policies for Financial Management and Investment that are reviewed
annually by the City Council. A summary of the purpose of each policy is outlined below, and the full policies
can be viewed in the linked documents.

Financial Policies
The intent of the Fiscal and Budgetary Policy Statements is to enable the City to achieve and maintain a long-
term stable and positive nancial condition. The watchwords of the City’s nancial management include
integrity, prudent stewardship, planning, accountability, and full disclosure. The more speci c purpose is to
provide guidelines for planning and directing the City’s day-to-day nancial affairs and in developing
recommendations to the City Manager and City Council.

The scope of these policies includes:
accounting, auditing and nancial reporting;
internal controls;
operating budget management;
capital budget and improvement programs;
asset management;
revenue management;
expenditure control;
nancial conditions, reserves and stability ratios;
debt management; and
grant management.

These policies are designed to bene t the City by:
Ensuring the fair and full disclosure of the nancial position and the results of nancial operations in
conformity with Generally Accepted Accounting Principles (GAAP), and
Adhering to compliance with nance related legal and contractual issues in accordance with the
provisions of the Texas Local Government Code, the City Charter, and other applicable legal mandates.

The City Council annually reviews and approves the Fiscal and Budgetary Policy Statements as part of the
budget process.

Investment Policy
It is the policy of the City of Bedford, Texas, which includes the City of Bedford Street Improvement Economic
Development Corporation, that after allowing for anticipated cash requirements and giving due consideration
to safety, liquidity and yield, all available funds will be invested in conformance with the Investment Policy
which has been developed to conform to the State of Texas Public Funds Investment Act as amended.

In addition, applicable recommended practices published by the Government Finance Of cers’ Association
(GFOA) have been considered to ensure that Bedford’s investment activities are conducted within the
framework of sound scal policy.

Attached Documents:
City of Bedford Financial Policies
City of Bedford Investment Policy

City of Bedford, TX | Proposed Budget FY 2025-2026 Page 14