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During the September 13 City Council meeting, the Mayor and Council members unanimously approved a tax rate of 0.495726 per $100 assessed valuation for the upcoming 2022 – 2023 Fiscal Year. This is a decrease of 10.2 percent from the previous year and the second consecutive year the tax rate has decreased. It will also be the lowest rate in five years, below the rate prior to the 2017 bond election.
“We’re seeing the benefits of several savings initiatives, including reorganizing departments for improved efficiency, refinancing debt, and eliminating close to 40 unnecessary positions,” said Bedford Mayor Michael Boyter. “This budget focuses on needs rather than wants and is a continued example of the great job City staff is doing to move Bedford forward.”
During the meeting, the Mayor and Council also unanimously approved the 2022-2023 Fiscal Year budget, which goes into effect October 1. The total proposed budget is approximately $85 million and includes capital purchases, street improvement and maintenance projects, expanded programs/services, and much more. It is also a decrease of approximately $6.4 million, when compared to the 2021-2022 Fiscal Year amended budget. Some highlights of the upcoming budget year include:
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 2022-2023 budget and tax rate, please visit www.bedfordtx.gov/budget.