Agenda

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Item # 7.c.

City Council (FY24)

Meeting Date:	11/14/2023
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Continue development and implementation of the Long-Term Financial Plan

AGENDA CAPTION:

Present and discuss the Town of Addison Fiscal Year 2023 Fourth Quarter Financial Report.

BACKGROUND:

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 fourth quarter for Fiscal Year 2023 (July 1, 2023 - September 30, 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 fourth quarter include:

General Fund revenue totaled $47.7 million, which is 106.0 percent of the fiscal year budget.
General Fund expenditures totaled $43.7 million, which is 97.2 percent of the fiscal year budget.
Sales tax collections totaled $16.7 million, which is 109.6 percent of the fiscal year budget.
The Hotel Fund had revenue of $6.5 million, a decrease of $964 thousand from this time a year ago, due to the receipt of ARPA funds in September 2022. Hotel Fund expenditures totaled $6.2 million.
Performing Arts expenditures are at 100 percent due to the full payment of the WaterTower Theatre grant.
Special Events revenues totaled 92.1 percent and expenses totaled 91.7 percent of the fiscal year budget.
Airport Fund operating revenue totaled $7.4 million or 111.2 percent and operating expenditures totaled $5.2 million or 93.3 percent of the fiscal year budget.
Utility Fund operating revenue totaled $16.5 million or 107.2 percent and expenditures totaled $15.4 million or 96.9 percent of the fiscal year budget.
Stormwater Fund revenue and expenditures are in line with historical averages.

The Quarterly Investment Report for Quarter 4 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.

RECOMMENDATION:

Information only. No action required.

Attachments
Presentation - Quarterly Financial Report Fiscal Year 2023 Fourth Quarter
Quarterly Financial Report - Fiscal Year 2023 Fourth Quarter
Quarterly Investment Report - Fiscal Year 2023 Fourth Quarter