Yes, compost is acceptable for dressing beds. FYI, if you get it from the dump be ready to spend you summer pulling weeds. They don't care what they grind up for mulch.

WHO PAINTS MULCH???!?!??!!!? The dyed mulch is bad for soil, I can't imagine what paint will contribute.

Well, that would explain why their plants only finally started looking good since its been almost 2 years since they did that. But evidently people do paint rather than replace their bark!
BTW, you can get compost at some sewer districts too. Central Valley is great since the money goes directly back into the sewer district and the compost is first used to power the plant with the use of the methane gas before it is finished being processed. I'm hoping the new sewer district will do the same but who knows. I wish South Valley was more self sufficent...ok, if it was even a little self-sufficient!

Another great place for compost is a place called Replenish. That's probably where I'll go.

Bark mulch is a long conversation but it should be replenished every year to two years with a new layer. Unfortunately, it can harden in beds from watering and aging and form a layer underneath similar to a cork board. Hence, the water from sprayers or above-ground sources will not reach the roots of plants and shrubs. A good compost (NOT the compost from the landfill which is rife with weed possibilities) is nutritious, holds in moisture, is good looking and, if it blows a little onto the lawn (unlike mulch) it is a good thing! Go for it, "Just."