Bedford Budget & Financial Information
In this section you will find several of the Town’s primary budgetary and financial documents. Below are brief descriptions of these documents and links that will lead to the current year’s document as well as previous years. We hope to encourage residents to learn about the Town’s budget and financial condition and how their tax dollars are spent.Bedford Visual Budget
Bedford Visual Budget is an online tool intended to provide the public with a visual representation of the Town’s financial history and outlook, as well as illustrate key trends. Bedford Visual Budget allows users to dive into the budget like never before using graphics to more easily understand how tax dollars are spent. This is a new way to look at the budget and the Town will be updating this for current and future budgets. Click here for Bedford Visual Budget.
This document reflects the Town of Bedford Fiscal Year Operating Budgets as recommended by the Finance Committee to the Annual Town Meeting. The document presents summaries of departmental budgets with financial data for the two most recently completed fiscal years, and the current Fiscal Year budget, all of which are presented for informational purposes. These documents can be viewed online at Annual Town Meeting Budget Handout.
Annual Town Reports
In accordance with Massachusetts General Law, Chapter 40, Section 49, the Town of Bedford prepares, and makes public, an Annual Town Report prior to Town Meeting. The Town Report focuses on significant accomplishments of the previous fiscal year and goals for the current fiscal year. The Annual Report also includes reports from major boards and committees, election results, Town Meeting information, and a Town Directory. These reports can be viewed online at Bedford Annual Town Reports.
Audited Annual Financial Statements
The Town of Bedford annually contracts with a private auditing firm for the purposes of auditing the Town’s accounts, funds and preparing financial statements for all governmental activities. The audit is conducted in accordance with the applicable standards contained in the Government Auditing Standards, which is issued by the Comptroller General of the United States. The Town of Bedford has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR) for last 13 consecutive years. This Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The CAFR is judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate the Town’s financial picture. These audits can be viewed online at Audited Annual Financial Statements.
The Town credit rating is a forward-looking opinion about the credit worthiness of the Town with respect to its financial obligation and its ability to pay back its debt. The Town's bond rating with Standard and Poor's is "AAA", which is the highest rating a municipality can receive by a credit agency. The Town's rating can be viewed online at Bond Rating.
This document is prepared by the Town and is distributed in connection with the sale of its general obligation bonds. The Official Statements contain information about the amounts, purposes and repayment terms of the bonds as well as information concerning the Town's demographics, tax base, finance debt and other long term obligations. This information is used by the investment community, at the time of issuance, to gauge the credit worthiness of the Town debt offerings. Since 2007, the Town's bonds have been rated "AAA", the highest credit rating attainable. These reports can be viewed online at Official Statements.
Other Post-Employment Benefits (OPEB)
This document summarizes the results of an actuarial valuation for the Town of Bedford's Other Post-Employment Benefits (OPEB). The valuations are performed in accordance with the provisions contained in the GASB Statement No. 45, Accounting and Financial Reporting by Employers for Post-Employment Benefits other than Pensions (GASB 45). These reports can be viewed online at OPEB.