Bedford finance review: $122M invested, interest up and net taxable value down nearly 5%

City Finance Director Brady Olsen told the Bedford City Council that the city holds about $122,000,000 in invested assets and that interest earnings are roughly $3.6 million year-to-date, with a projection to exceed $5,000,000 for the year.

"We do have $122,000,000 under investment as of this time," Olsen said, and later added that interest earnings for the year are "about 3,600,000 for the year. We're probably going to get over $5,000,000 for the entire year as a whole." He explained that some funds were spent early in the fiscal year and that returns have shifted as higher-yield investments matured.

Olsen told the council sales-tax collections were relatively flat in the quarter and that data from the recent HEB opening will show up with the typical two-month reporting delay. He also warned that the city’s certified net taxable value is down almost 5% from last year—largely because residential reappraisals were reduced and many property protests were accepted by the appraisal district—which will constrain revenue assumptions in the coming budget.

Council members requested a breakdown of the senior-freeze and other adjustments and asked staff to show year-over-year trends ahead of budget work. "That is what we are building our budget base off," Olsen said, urging the council to review the certified tax roll numbers before next week’s budget presentation.

No action was taken beyond direction to staff; the council approved the consent agenda later in the meeting, which included receipt of the certified tax roll.