Page 11 - Town of Bedford FY 2018-2019 Budget.pdf

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¾ Public Service Corporations: The current rate is $0.32 per $100.
¾ BPOL Tax: The BPOL tax percentage continues to be a flat fee of $30.00 per year. Our hope is
that this will encourage businesses to locate and stay here to provide employment and services.

Human Resources
Human Resources
When establishing budget priorities, it is important to remember that one of the Town’s most valuable
assets is that of its human capital. It has a premium group of employees that are committed to making
social investments into the community in service to the Town’s citizens and customers.

¾ FY 2019 health insurance rates will increase by approximately 2.0%. Town Council adopted
funding designed to fund 100% of the Key Advantage 1000 employee only health insurance
coverage. In the previous fiscal year Town Council funded 80% of employee health insurance.
This increased benefit equates to a taxable increase in employee annual income of $1,452.
¾ As a result of recommendations stemming from the FY 2018 Compensation Study, the budget
includes a new 20 grade pay structure. This new pay structure utilizes 20 grades with a 10%
increase between grades rather than the previous policy that had 27 defined steps with only a
5% increase between grades. This structure change will offset compression issues that existed
with the previous structure.
¾ In addition, included in the adopted budget are budgeted salary increases of $22,454 based on
Compensation Study recommendations to bring identified employees to the Minimum Point of
the new salary structure.
¾ The Town’s Virginia Retirement System (VRS) contribution rate is set at 18.33% in this budget.
That is a decrease of 2.62% from the previous fiscal year rate of 20.95%.
¾ The Police Department continues to provide the Career Enhancement Program that awards
Police Officers additional compensation for skill related career enhancement certifications.
¾ There are no additional positions approved in this adopted budget.

General Fund & General Fund Capital Outlay
General Fund & General Fund Capital Outlay
$
$
The adopted Fiscal Year 2018-2019 General Fund Budget is $9,560,586, a decrease of $375,007 (-3.77%)
from the previous fiscal year original adopted budget without amendments. The primary reason for this
decrease is related to a reduction in transfers to other funds for capital improvement projects. The
adopted budget does not include an increase in tax rates.

Highlights of the adopted General Fund Budget include:
¾ A loss of $450,000 in revenue as a result of the new Middle School construction finalization.
¾ Increase in Middle School operational costs due to vacant building.
¾ A 60.10% reduction in Rent Lease Agreement revenue.
¾ A continued reduction in Auto Rental tax receipts.
¾ Increase in expenses related Corrective Measures for the Old Landfill.
¾ Budgeted transfer of $500,000 from the Electric Fund to the General Fund.
¾ Approval of $200,000 for resurfacing of the Liberty Lake Park tennis courts.

FY 2019 FY 2018
ADOPTED ADOPTED DIFFERENCE % CHANGE
GENERAL FUND 9,560,586 9,935,593 -375,007 -3.77%
GENERAL CAPITAL IMPROVEMENT FUND 680,500 568,500 112,000 19.70%

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