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Bedford finance director: revenues outpace expenditures this quarter; $1.5 million in interest earnings
Summary
Finance Director Brady Olson reported first-quarter financials showing revenues generally exceed expenditures, sales tax volatility but up year‑over‑year, hotel occupancy weaker, several hotels late on payments, and $1.5 million in investment interest earnings for the quarter.
Finance Director Brady Olson presented Bedford’s first‑quarter financial and investment report at the Jan. 28 City Council meeting, saying overall revenues across the city’s funds are ahead of expenditures and that the city posted roughly $1.5 million in interest earnings for the quarter.
Olson told the council that the general fund shows revenues outpacing expenditures largely because property tax receipts are collected earlier in the year. He described sales-tax collections as “up and down” month to month but said the rolling quarterly average improved and the city is tracking above the same point last year. "It's looking like we're on an upward trajectory even so with our sales tax numbers,"…
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