Agenda

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Item # 15.

Council Meeting

Meeting Date:	08/23/2022
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 Third Quarter Ended June 30, 2022.

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 third quarter for Fiscal Year 2022 (April 1, 2022 - June 30, 2022). 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 positions 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 $37.9 million, which is 93.1 percent of the fiscal year budget.
General Fund expenditures totaled $28.2 million, which is 69.1 percent of the fiscal year budget.
Sales tax collections totaled $11.9 million, which is 87.1 percent of the fiscal year budget.
The Hotel Fund had revenue of $3.8 million, an increase of $1.9 million from this time a year ago, and expenditures of $3.1 million.
Performing Arts expenditures are at 100% percent due to the full payment of the WaterTower Theatre grant.
Special Events revenues totaled 50.7 percent, and expenses totaled 37.9 percent of the fiscal year budget due to timing of events.
Airport Fund operating revenue totaled $5.0 million or 70.9 percent, and operating expenditures totaled $3.3 million, or 63.0%.
Utility Fund operating revenue totaled $10.8 million or 75.0 percent, and operating expenditures totaled $10.5 million, or 71.3%.
Stormwater Fund revenue and expenditures are in line with historical averages.

The Quarterly Investment Report for Quarter 3 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 Third Quarter
Quarterly Financial Report - Fiscal Year 2022 Third Quarter
Quarterly Investment Report - Fiscal Year 2022 Third Quarter