Agenda

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17.

Work Session and Regular Meeting

Meeting Date:	02/20/2019
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Leverage Addison's unique assets to grow and expand placemeaking and events that will set Addison apart and attract talent and businesses

AGENDA CAPTION:

Present and Discuss the Finance Department Quarterly Financial Report of the Town of Addison for the FY 2019 First Quarter Ended December 31, 2018.

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 for the first quarter for Fiscal Year 2019 (October 1, 2018 - December 31, 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 that demonstrate the current financial position for the various funds. The report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Storm Water funds.

Key highlights for the first quarter include:

Fiscal year to date revenue totaled almost $9.9 million, which is 26 percent of the overall budget amount. Sales tax collections are 26.3 percent of the fiscal year 2019 budget. Expenditures for the various departments are in line with budget.
Hotel occupancy tax collections are 16.7 percent of budget for two months of collections or 16.6 percent of the fiscal year. Performing Arts expenditures are at 66.3% due to the first payment of the Water Tower Theater grant, and Special Events expenses are at 18.8% due to timing of events.
Operating revenue through the first quarter totaled just over $2 million or 15.9 percent of the fiscal year 2019 budget. Water revenues are 14.7 percent of the fiscal year 2019 budget, the result of unusually wet weather. With a one-month lag in the collection of utility revenues, 16.7 percent of the fiscal year has expired. Operating expenses through the first quarter totaled approximately $2.6 million, or 22 percent of the fiscal year 2019 budget. Wastewater treatment expenses, however, are unusually high due to the timing of payments and increased costs from the Trinity River Authority wastewater treatment.
Operating revenue through the first quarter totaled almost $430 thousand or 19.9% of the fiscal year 2019 budget. With a one-month lag in the collection of stormwater revenues, 16.7 percent of the fiscal year has expired. Operating expenses through the first quarter totaled approximately $207 thousand or 10.3 percent of the fiscal year 2019 budget.

The financial condition of the Town remains strong and all reported funds adhere to the 25% fund balance requirement. Also included is the 1st Quarter Investment Report for Council's review. Investments adhere to the Town's Investment Policy as adopted by Council.

RECOMMENDATION:

Information only, no action required.

Attachments
FY2019 1st Quarter Financial Report
FY2019 1st Quarter Investment Report