The Town of Addison's financial policies require the publication of a financial report 60 days subsequent to the end of the fiscal quarter. This report covers the financial performance through the second quarter for Fiscal Year 2023 (January 1, 2023 - March 31, 2023). 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 of the various funds. The report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater funds.
Key highlights for the second quarter include:
- General Fund revenue totaled $34.7 million, which is 78.4 percent of the fiscal year budget.
- General Fund expenditures totaled $20.5 million, which is 46.3 percent of the fiscal year budget.
- Sales tax collections totaled $7.8 million, which is 54.1 percent of the fiscal year budget.
- The Hotel Fund had revenue of $3.1 million, an increase of $1.0 million from this time a year ago, and expenditures of $1.8 million.
- Performing Arts expenditures are at 82.1 percent due to the payment of the WaterTower Theatre grant.
- Special Events revenues totaled 29.4 percent and expenses totaled 4.0 percent of the fiscal year budget because of the timing of events.
- Airport Fund operating revenue totaled $3.6 million or 54.1 percent and operating expenditures totaled $2.6 million or 47.0 percent of the fiscal year budget.
- Utility Fund operating revenue totaled $7.2 million or 46.8 percent and expenditures totaled $8.1 million or 51.8 percent of the fiscal year budget.
- Stormwater Fund revenue and expenditures are in line with historical averages.
The Quarterly Investment Report for Quarter 2 of Fiscal Year 2023 is also being provided for information purposes. This report has been prepared in accordance with state law and the Town's Financial Policies.
|