Page 9 - Town of Bedford FY 2018-2019 Budget.pdf

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¾ Economic Development continues to be a top priority for Town Council as evidenced by the
continuation of a one-half percent meals tax increase, restricting those funds to economic
development initiatives only.
¾ Funding of the Economic Development Coordinator position has been accomplished with staff
vacancy savings. This position is intended to provide existing businesses with assistance to grow
and recruit new businesses.
¾ The ability to leverage funds for appropriate grant opportunities is a key result of fiscal
responsibility. Grant funds continue to be sought that not only fund projects to improve the live
/work environment, but at the same time develop critical partnerships with State funding
agencies. As new grant opportunities emerge, such as the GO Virginia initiative, the Town will be
well-positioned to take advantage of them by meeting the commitment requirements.
¾ As part of the Economic Development expansion, Town Council continues to have a major focus
on community planning and the level of service required for accommodating growth and
providing resources for a sustainable future.
¾ The Town continues to explore the feasibility of a passenger rail stop within Town limits. Town
representatives met with Virginia Department of Rail and Public Transportation (DRPT) as part
of the State of Virginia mandated study to examine proposed areas and logistical considerations
for a Bedford stop.
¾ The Town was approved for preliminary funding from the Virginia Department of Housing and
Community Development to continue work on a planning grant for a neighborhood
improvement project.
¾ With the approval by the State in 2016 of a significant expansion of the Virginia Enterprise Zone
areas to include additional commercial and industrial lands, the Town of Bedford continues to
maintain Enterprise Zone designation for the full acreage allowed. Enterprise Zone designation
provides State and local incentives for investment in Centertown, the older manufacturing
buildings as well as the Bedford Center for Business. State Enterprise Zone grants provide
money as a reward for physical improvements to property; and in the case of manufacturing,
grants for job creation above four employees. Local incentives are designed to reward both new
and existing industries.
¾ Maintaining the Town’s financial stability with a goal of improving fund balances remains an
ongoing effort. However, maintaining financial stability with ever-challenging State mandates
and reduced State funding of required services is perhaps the greatest short-term threat to the
financial stability of the Town.
¾ The Town continues to focus on areas where physical improvements should be made related to
pedestrian safety and ADA accessibility. In addition the Town, in cooperation with Bedford Main
Street and service provider Shentel, provides a free, public “wireless hotspot” in Centertown
Plaza similar to facilities at the Bedford Welcome Center.
¾ The Town will continue to upgrade and build new electrical distribution line circuits. With other
American Municipal Power members, the Town will continue its participation in projects
designed to provide diversity in our wholesale power portfolio. The addition of the Bedford
Solar Project increased the provision of the Town’s electricity from renewable sources to
15%. We have addressed other revenue sources such as pole attachment agreements and right-
of-way fees to ensure that we are competitive and maximizing our revenues in these areas. The
Town will also continue to focus on providing exemplary customer service and reliability for our
customers.
¾ The Town will continue to market the excellent broadband availability to attract companies that
need fiber optic speeds.

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