(BEDFORD) – The City of Bedford is reporting some revenue shortfalls as expected amidst the COVID-19 pandemic.
In June, Bedford Mayor Sam Craig implemented a Capital Expenditure freeze in anticipation of the decrease in revenue.
The numbers have started coming in which includes a $400,000 decrease in property tax revenue.
The Motor Vehicle Highway shortfall is about $50,000 at this time with an expected decrease in revenue to hit about $100,000.
Local Option Income Tax Revenue is expected to be an area where the city will see the largest impact. At this time there are no projections or actual numbers to see the largest decrease in revenue.
The full impact of the LOIT is not expected to be felt by the City of Bedford until 2021. This is based on how the tax is calculated and then dispersed among the units of government.