Page 24 - Town of Bedford FY 2018-2019 Budget.pdf

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not be amended simply because additional revenues become available. In the event of a public
emergency affecting life, health, property or the public peace, Council may make emergency
appropriations and to the extent that there are no available unappropriated revenues to meet such
situations, Town Council may, by such ordinance, authorize the issuance of emergency notes, which may
be renewed as necessary. By statute, any budget amendment that exceeds one (1) percent of the total
expenditures shown in the currently adopted budget must first publish a notice of a public hearing
stating the governing body’s intent to amend the budget including a brief synopsis of the proposed
amendment at least seven (7) days prior to the meeting date. After providing that public hearing during
such meeting, Town Council may adopt the proposed budget amendment.

CAPITAL IMPROVEMENT PROCESS

The Town routinely completes a comprehensive process that allocates limited resources in capital
investment to ensure that capital assets are accounted for in conformance with generally accepted
accounting principles. The primary objective of this is to establish criteria to systematically identify, plan,
schedule, finance, track and monitor capital projects to ensure cost-effectiveness and consistent
application throughout funds. The Town prepares, adopts, and updates at least annually a five (5) year
Capital Improvement Plan (CIP). The CIP identifies and sets priorities for all major capital assets to be
acquired, replaced, constructed, or rehabilitated. The first year of each adopted five year CIP is included
in the budget for the coming fiscal year.

DEBT SERVICE

This budget includes funding required to meet existing debt obligations of the Town of Bedford. Detailed
information regarding current debt and projected debt payments are included in the Debt section of this
document a summary is provided below.

DEBT SERVICE PRINCIPAL INTEREST TOTAL
General Fund $ 744,140 $ 77,856 $ 821,996

Solid Waste Fund $ 538,860 $ 56,379 $ 595,239
Electric Fund $ 9,568,000 $ 1,292,952 $ 10,860,952

Water & Sewer Authority Pass-thru $ 5,267,100 $ 601,532 $ 5,868,633
Total All Funds $ 16,118,100.10 $ 2,028,719.49 $ 18,146,820

FINANCIAL ANALYSIS

Level of Total Governmental Unrestricted Net Position: The level of total governmental unrestricted
net position is an indication of the amount of unexpended and available resources the Town has in all
funds combined at a point in time to fund emergencies, shortfalls, or other unexpected needs. As of the
last Comprehensive Annual Financial Report (CAFR) for year ended June 30, 2017, the Town’s total
unrestricted net deficit approximated $4,800,000. The decrease was related to the restriction of cash for
debt collateral and the Town’s $4.3 million unfunded pension liability.

Level of Budgetary Unassigned Fund Balance: The level of budgetary unassigned fund balance is an
indication of the amount of unexpended, unencumbered, and available resources the Town has at a
point in time to carry-over into the next fiscal year to fund budgetary emergencies, shortfalls, or other

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