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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," Olson said.
On the hotel occupancy tax, Olson said hotel revenues have been disappointing so far in 2025, with several hotels performing worse than the previous year and some accounts missing collections. During questions he estimated Bedford has about nine hotels and said two to three had been the subject of active collection efforts or late payments; one property had recently changed ownership and apparently missed a payment while the new owners addressed collections.
Olson described the city’s investment strategy as conservative and long‑term: the city’s portfolio was slightly smaller than three months earlier because project funds are being spent, but laddering longer‑term investments has kept returns above some market benchmarks. He said the portfolio strategy remains “a slow moving battleship” that has performed better than short‑term market dips and that the city can invest up to two to three years under its investment policy. "We have $1,500,000 overall, in interest earnings this quarter," Olson said.
Councilors asked about delinquent hotel collections, differences between short‑term and long‑term rates, and whether the city’s strategy should change; Olson and colleagues said staff are actively pursuing delinquencies and prefer the current laddered approach that gives the city access to longer maturities when appropriate. Councilor Donovan (transcript identification varied) and Councilor Berg asked why the 2023 revenue spike occurred; Olson and council members suggested pandemic‑era travel and post‑pandemic demand as likely drivers.
The presentation concluded with staff noting the city’s portfolio remains positioned to meet near‑term bills and project payments while attempting to maximize interest earnings within policy constraints. The meeting’s manager’s report also reminded the public that the council will hold a Feb. 11 strategic planning work session (non‑action), and staff reiterated they will continue monitoring revenues, collections and investment performance.
Because the presentation was informational, no formal council action was required or recorded on the financial report.
