During the September 12 City Council meeting, the Mayor and Council members unanimously approved a tax rate of 0.495726 per $100 assessed valuation for the upcoming 2023-2024 Fiscal Year. This is the same approved rate as the 2022-2023 Fiscal Year. In September 2022, the Council approved a 10 percent decrease in the tax rate, making it the lowest rate since 2017.
During the meeting, the Mayor and Council also unanimously approved the 2023-2024 Fiscal Year budget, which goes into effect October 1. The total proposed budget is approximately $94.6 million and includes capital purchases, street improvement and maintenance projects, expanded programs/services, and much more.
“The 2023-2024 budget, along with our improved bond rating, highlights our commitment to financial accountability, while also prioritizing enhanced and improved City services and programs,” said Bedford Mayor Michael Boyter. “It addresses some much-needed projects that will benefit residents and sets a solid foundation for Bedford’s future.”
Some highlights of the upcoming budget year include:
- Remodeling and expansion of the Animal Shelter
- The construction of a new Central Fire Station
- The construction of a fire training facility, which will include a two-story training tower
- A tot playground at Harris Ryals Park and a new fence at Stormie Jones Park
- Repaving of Cummings Drive (between Central Drive to east of Ashford Drive), Wade Drive (between Pipeline and Hurst Drive), and improvements to over 25 other local streets
- A salary increase in the City’s Public Safety (Police and Fire) Step Plan will go into effect October 1 to remain competitive with recruitment and retention. An additional increase in the Step Plan will occur on April 1.
- A 3 percent cost of living adjustment for all non-sworn employees on October 1. An additional 2 percent salary increase will also occur on April 1 for all non-sworn employees.
- Three new positions – a Facilities Maintenance Technician to handle the increase in workload of the City’s aging facilities and two Utility Maintenance technicians in Public Works to support Utility Billing for meter operations.
Additionally, the approved budget will allow the City to remain ahead of schedule in paying off debt, while maintaining healthy reserves. For more information and an in-depth look at the FY 2023-2024 budget and tax rate, please visit www.bedfordtx.gov/budget.