The Town of Addison's financial policies require the publication of a financial report subsequent to the end of each fiscal quarter. This report covers the financial performance for the fourth quarter for Fiscal Year 2018 (July 1, 2018 - September 30, 2018). 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 which demonstrate the current financial position for the various funds. This report includes the following: General, Hotel, Airport, Economic Development, Utility and Storm Water Funds. The financial condition of the Town remains strong and all reported funds adhere to the 25% fund balance requirement.
Key highlights:
- Overall General Fund revenues are up approximately 0.3% compared to the prior year, Sales tax collections are up approximately 17.2% compared to the prior year and expenditures for the various departments are on pace with or below their respective budgets.
- Hotel occupancy tax revenues are 7.5% lower than last year, however, expenditures are 12.3% less than the fiscal year 2018 budgeted amounts.
- Airport fund revenues are up 13.6% principally due to the receipt of insurance proceeds, however, rental income is 2.4% more than in fiscal year 2017. Expenditures for 2018 were 2.8% lower than actual expenditures for FY 2017.
- Utility fund revenues are 8.5% more than fiscal year 2017. As a part of the adopted fiscal year 2018 budget, utility rates were increased approximately 5%. Operating expenses are also 11.2% higher than in fiscal year 2017 as a result of increases in the cost of water from the City of Dallas, wastewater treatment, and the legal expenses related to the Landmark lawsuit.
- Stormwater revenues are 102.1% of the fiscal year 2018 budget while operating expenses remain below the fiscal year 2018 budgeted amounts.
Staff has reviewed the financial and investment reports with the Finance Committee.
Additionally, the 4th Quarter Investment Report is included separately for Council's review. Investments adhere to the Towns Investment Policy as adopted by Council.
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