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Item # 17.

Council Meeting

Meeting Date:	09/08/2020
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Continuously improve processes and policies to include the voice of the customer and ensure the policies are easily accessible

AGENDA CAPTION:

Present and Discuss the Finance Department Quarterly Financial Report of the Town of Addison for the Fiscal Year 2020 Third Quarter Ended June 30, 2020.

BACKGROUND:

The Town of Addison's financial policies requires the publication of a financial report 60 days subsequent to the end of each fiscal quarter. This report covers the financial performance through the third quarter for Fiscal Year 2020 (October 1, 2019 - June 30, 2020). Enclosed in the report is an executive dashboard that provides a high-level look at some of the key financial indicators along with more detailed exhibits that demonstrate the current financial position for the various funds. The report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater funds.

Key highlights for the third quarter include:

General Fund revenue totaled $35.2 million, which is 89.9 percent of the fiscal year budget.
General Fund expenditures totaled $29.3 million, which is 68.0 percent of the fiscal year budget.
Sales tax collections totaled $10.9 million, which is 79.5 percent of the fiscal year budget.
The Hotel Fund had revenue of $3.2 million and expenditures of $3.3 million, which are below historical averages.
Performing Arts expenditures are at 100.0 percent due to the final payment of the Water Tower Theatre grant.
Special Events revenues totaled 8.9 percent, and expenses totaled 18.3 percent of the fiscal year budget. This is because of the cancellation of events due to COVID-19.
Airport Fund operating revenue totaled $5.4 million or 76.8 percent, and operating expenditures totaled $3.9 million or 69.0 percent of the fiscal year budget.
Utility Fund operating revenue totaled $8.0 million or 60.9 percent, and expenditures totaled $8.8 million or 67.4 percent of the fiscal year budget. With a one-month lag in the collection of utility revenues, 66.7 percent of the fiscal year has expired. The year-to-date revenue and percent of budget is in line with prior year. Wastewater treatment expenses are high due to the timing of payments and will continue to be monitored throughout the fiscal year.
Stormwater Fund revenue totaled $1.7 million or 69.7 percent, and expenditures totaled $793 thousand or 53.3 percent of the fiscal year budget. With a one-month lag in the collection of stormwater revenues, 66.7 percent of the fiscal year has expired.

The Quarterly Investment Report for Quarter 3 of Fiscal Year 2020 is also being provided for informational purposes. This report has been prepared in accordance with state law and the Town's Financial Policies.

RECOMMENDATION:

Information only, no action required.

Attachments
Presentation - Quarterly Financial Report Fiscal Year 2020 Third Quarter
Quarterly Financial Report - Fiscal Year 2020 Third Quarter
Quarterly Investment Report - Fiscal Year 2020 Third Quarter