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Bedford 4B board adopts FY2025–26 budget and authorizes immediate purchase of dump truck and asphalt drag box
Summary
The Street Improvement Economic Development Corporation approved the proposed FY2025–26 budget on July 1 and agreed to fund a $103,000 dump truck and a $12,000 asphalt drag box from current-year 4B funds; the vote was unanimous.
The Street Improvement Economic Development Corporation voted July 1 to adopt the proposed fiscal year 2025–26 budget and to accelerate two equipment purchases from the current-year fund balance: a dump truck replacement for $103,000 and an asphalt "drag box" for about $12,000.
Council member Fargo moved to accept the proposed budget and to fund the truck and drag box from the existing 4B fund balance; Director Otto seconded. The motion passed unanimously on a verbal vote recorded by the chair.
Assistant City Manager Karen Riggs presented the financial status through May 31 and noted modest sales-tax growth and solid interest earnings. "Sales tax revenue for May was a little over 384,000, which is 3.13% higher than May of last year," Riggs said, and she added that year-to-date interest earnings for 4B were $179,000 against a budgeted $196,000. Riggs said the packet used May figures because June had not been closed when the board materials were prepared.
Riggs said the city took a conservative approach to next year’s revenue projections — assuming 2 percent growth for the remainder of this fiscal year and 2 percent growth into FY2025–26 — and carried many recurring operational line items forward. She noted the city is rolling the Gregory Court addition project (budgeted at $2.8 million) into the next fiscal year; that project is not expected to be bid until August.
On fund balances and debt, staff told the board the 4B fund has a beginning fund balance of $6.7 million and that the fund balance policy requires maintaining a minimum equal to one times annual debt service (about $660,000). Riggs said that, even after the proposed purchases and budget actions, the fund would remain comfortably above the policy minimum and projected to finish the year with roughly $4.9 million in the fund.
Board members asked about timing and constraints: directors and council members discussed sales-tax volatility, communication with neighboring jurisdictions on corridor projects tied to Colleyville and Euless, and the city’s limited near-term debt capacity. City Manager Andrew Roy said interjurisdictional communication is ongoing and that Bedford staff are involved in design discussions for Cheeksbarger/Cheeksbarger-area improvements related to the H‑E‑B project in the neighboring city.
The board acted on the budget and equipment authorization as an action item; the chair called for a motion, Fargo moved (with a second by Director Otto) and the board voted to approve the proposed FY2025–26 budget with the additional immediate purchases funded from the current year. The meeting then adjourned.
Ending: The board approved the budget and the two immediate equipment purchases; staff will present procurement requests to council for the dump truck replacement and the drag-box purchase as part of the normal approval process.
