Page 595 - Bedford-FY25-26 Budget

Return to Financial Policies

matters dictate otherwise, or if market conditions indicate a potential savings could result from
modifying the level payment stream.

Consideration of market factors, such as the tax-exempt qualification, minimum tax alternative,
and so forth will be given during the structuring of long-term debt instruments.

DEBT ISSUANCE. The City will use a competitive bidding process in the sale of bonds unless
the nature of the issue warrants a negotiated bid. In situations where a competitive bidding process
is not elected, the City will publicly present the reasons why and the City will participate with the
financial advisor in the selection of the underwriter or direct purchaser.

X. INTERNAL CONTROLS

WRITTEN PROCEDURES. Wherever possible, written procedures will be established and
maintained by the Director of Finance for all functions involving cash handling and/or accounting
throughout the City. These procedures will embrace the general concepts of fiscal responsibility
set forth in this policy statement.

DEPARTMENT DIRECTOR’S RESPONSIBILITY. Each Department Director is responsible
to ensure that good internal controls are followed throughout his/her Department, that all Finance
Division directives or internal controls are implemented, and that all independent auditor internal
control recommendations are addressed. The Finance Division will assist Department Directors
in implementing the internal control requirements and obtaining their compliance.

XI. GRANT MANAGEMENT

The City will seek out, apply for, and effectively administer Federal, State, and other grants that
address the City’s priorities and policy objectives and provide a positive benefit to the city. Local
tax dollars will not be used to make up for material losses of grant aid without first City Council
reviewing and approving the program and its merits as a budgetary increment.

GRANT IDENTIFICATION, APPLICATION AND ACCEPTANCE. Each respective
department may research and identify grant opportunities that facility the City’s overall goals,
mission, and initiatives and provide supplemental or alternative funding sources to either capital
expenses/expenditures or operating programs.

If grant opportunities are identified, departments are responsible for obtaining relevant approval
from their respective Assistant City Manager and the Assistant to the City Manager. Grants
requiring a match will be approved by the City Council prior to submitting the application.

Grant opportunities shall be evaluated for administrative burden and compliance costs when
identified. Where the amount likely to be received does not exceed the cost of applying and
administering the grant, the City should not seek the grant. Where the amount awarded does not
exceed the cost of administering the grant, the City should not accept the grant.

INDIRECT COSTS. When allowable, indirect costs may be included when formulating budgets
prior to application submission. Departments should contact the Finance Division for assistance
with identifying and calculating indirect costs for inclusion in grant applications.

City of Bedford, TX | Adopted Budget FY 2025-2026 Page 595