Agenda

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Item # 21.

Council Meeting

Meeting Date:	11/09/2021
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 2021 Fourth Quarter Ended September 30, 2021.

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 through the fourth quarter for Fiscal Year 2021 (July 1, 2021 - September 30, 2021).

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 $41.3 million, which is 103.3 percent of the fiscal year budget.
General Fund expenditures totaled $38.5 million, which is 95.8 percent of the fiscal year budget.
Sales tax collections totaled $14.9 million, which is110.0 percent of the fiscal year budget.
The Hotel Fund had revenue of $4.3 million and expenditures of $5.0 million.
Performing Arts expenditures are at 114.3 percent due to the full payment of the Water Tower Theatre grant.
Special Events revenues totaled 81.0 percent, and expenses totaled 83.2 percent of the fiscal year budget.
Airport Fund operating revenue totaled $5.9 million or 107.8 percent, and operating expenditures totaled $4.6 million or 85.9 percent of the fiscal year budget.
Utility Fund operating revenue totaled $13.4 million or 96.0 percent of the fiscal year budget, and expenditures totaled $13.1 million or 92.3 percent of the fiscal year budget. Revenue was primarily below budget due to lower than anticipated sewer volume which was more than offset on the expenditure side with lower than anticipated wholesale purchases of water and sewer services.
Stormwater Fund revenue and expenditures are in line with historical averages.

This report was 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 2021 Fourth Quarter
Quarterly Financial Report - Fiscal Year 2021 Fourth Quarter
Quarterly Investment Report - Fiscal Year 2021 Fourth Quarter