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Item # 7.

Council Meeting

Meeting Date:	02/22/2022
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 2022 First Quarter Ended December 31, 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 for the first quarter for Fiscal Year 2022 (October 1, 2021 - December 31, 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 first quarter include:

General Fund revenue totaled $11.3 million which is 27.7 percent of the fiscal year budget.
General Fund expenditures totaled $10.2 million which is 25.0 percent of the fiscal year budget.
Sales tax collections totaled $4.1 million which is 29.7 percent of the fiscal year budget.
The Hotel Fund had revenues of $921 thousand and expenditures of $835 thousand which are in line with historical averages.
Performing Arts expenditures are at 69.2 percent due to the full payment of the WaterTower Theatre grant.
Special Events revenues totaled 8.9 percent and expenses totaled 1.5 percent of the fiscal year budget because of the timing of events.
Airport Fund operating revenue totaled $1.6 million or 22.0 percent and operating expenditures totaled $839 thousand or 15.7 percent of the fiscal year budget.
Utility Fund operating revenue totaled $2.8 million or 19.4 percent and expenditures totaled $3.1 million or 21.0 percent of the fiscal year budget.
Stormwater Fund revenues and expenditures are in line with historical averages.

The Quarterly Investment Report for Quarter 1 of Fiscal Year 2022 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 2022 First Quarter
Quarterly Financial Report - Fiscal Year 2022 First Quarter
Quarterly Investment Report - Fiscal Year 2022 First Quarter