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Item # 5.c.

City Council (FY24)

Meeting Date:	02/27/2024
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 FY 2024 First 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 first quarter for FY 2024 (October 1, 2023 - December 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 first quarter include:

General Fund revenue totaled $11.8 million, which is 24.6 percent of the fiscal year budget.
General Fund expenditures totaled $12.2 million, which is 25.4 percent of the fiscal year budget.
Sales tax collections totaled $4.2 million, which is 27.5 percent of the fiscal year budget.
The Hotel Fund had revenue of $1.5 million, an increase of $52 thousand from this time a year ago. Hotel Fund expenditures totaled $955 thousand.
Performing Arts expenditures are at 60.1 percent due to the payment of the WaterTower Theatre grant.
Special Events revenues totaled 16.7 percent and expenses totaled 1.4 percent of the fiscal year budget due to the timing of events.
Airport Fund operating revenue totaled $1.9 million or 26.0 percent and operating expenditures totaled $1.1 million or 17.7 percent of the fiscal year budget.
Utility Fund operating revenue totaled $4.2 million or 25.9 percent and expenditures totaled $3.0 million or 18.3 percent of the fiscal year budget.
Stormwater Fund revenue and expenditures are in line with historical averages.

The Quarterly Investment Report for Quarter 1 of Fiscal Year 2024 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
Quarterly Financial Report - Fiscal Year 2024 First Quarter
Quarterly Investment Report - Fiscal Year 2024 First Quarter
Presentation - Quarterly Financial Report Fiscal Year 2024 First Quarter