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Item # 17.

Council Meeting

Meeting Date:	11/10/2020
Department:	Finance
Pillars:	Gold Standard in Financial Health

AGENDA CAPTION:

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

BACKGROUND:

The Town of Addison's financial policies require the publication of a financial report 60 days subsequent to the end of each fiscal quarter. This report covers the financial performance for the fourth quarter for Fiscal Year 2020 (July 1, 2020 - September 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 fourth quarter include:

General Fund revenue totaled $39.9 million, which is 101.7 percent of the fiscal year budget.
Sales tax collections totaled $14.3 million, which is 104.4 percent of the fiscal year budget. Property tax revenues are $18.7 million, which is 99.6 percent of budget.
General Fund expenditures totaled $40.2 million, which is 93.2 percent of the fiscal year budget. All departments, except 1, were at or below their respective budgets for Fiscal Year 2020.
The Hotel Fund had revenue of $3.6 million and expenditures of $4.0 million, which are below historical averages. This is primarily because of the cancellation of Special Events due to COVID-19.
Hotel occupancy tax collections are 55.9 percent of budget.
Performing Arts expenditures are at 100 percent due to the final payment of the Water Tower Theatre grant.
Special Events revenues totaled 8.2 percent, and expenses totaled 27.1 percent of the fiscal year budget. This is because of the cancellation of events due to COVID-19.
Airport Fund operating revenue totaled $7.7 million or 99.5 percent, and operating expenditures totaled $5.1 million or 90.9 percent of the fiscal year budget.
Utility Fund operating revenue totaled $13.1 million or 100 percent, and expenditures totaled $12.3 million or 93.5 percent of the fiscal year budget. The year-to-date revenue and percent of budget is in line with prior year. Water wholesale purchases and wastewater treatment expenses slightly exceeded the FY2020 budget.
Stormwater Fund revenue totaled $2.4 million, or 101.2 percent of the budgeted amount, and expenditures totaled $1.1 million or 72.9 percent of the fiscal year budget.

The financial condition of the Town remains strong and all reported funds adhere to the 25% fund balance requirement. The Quarterly Investment Report for Quarter 4 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 Fourth Quarter
Quarterly Financial Report - Fiscal Year 2020 Fourth Quarter
Quarterly Investment Report - Fiscal Year 2020 Fourth Quarter