Agenda

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Item # 13.

Work Session and Regular Meeting

Meeting Date:	05/26/2020
Department:	Finance
Pillars:	Gold Standard in Financial Health

AGENDA CAPTION:

Present and Discuss the Finance Department Quarterly Financial Report of the Town of Addison for the Fiscal Year 2020 Second Quarter Ended March 31, 2020.

BACKGROUND:

The Town of Addison's financial policies requires the publication of a financial report 60 days subsequent to the end of each fiscal quarter. This report covers the financial performance through the second quarter for Fiscal Year 2020 (October 1, 2019 - March 31, 2020). 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 Stormwater funds.

Key highlights for the second quarter include:

General Fund revenue totaled $30.6 million, which is 78.3 percent of the fiscal year budget.
General Fund expenditures totaled $19.0 million, which is 44.1 percent of the fiscal year budget.
Sales tax collections totaled $7.6 million, which is 55.4 percent of the fiscal year budget.
The Hotel Fund had revenue of $2.7 million and expenditures of $2.5 million, which are in line with historical averages.
Performing Arts expenditures are at 89.0 percent due to the first payment of the Water Tower Theatre grant.
Special Events revenues totaled 9.9 percent, and expenses totaled 13.7 percent of the fiscal year budget. This is in line with historical averages because of the timing of events.
Airport Fund operating revenue totaled $2.9 million or 50.6 percent, and operating expenditures totaled $2.8 million or 50.4 percent of the fiscal year budget.
Utility Fund operating revenue totaled $5.2 million or 39.9 percent, and expenditures totaled $6.7 million or 51.1 percent of the fiscal year budget. This is in line with historical averages (seasonally low water usage).
Stormwater Fund revenue and expenditures are in line with historical averages.

The Quarterly Investment Report for Quarter 2 of Fiscal Year 2020 is also being provided for informational 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 2020 Second Quarter
Quarterly Financial Report - Fiscal Year 2020 Second Quarter
Quarterly Investment Report - Fiscal Year 2020 Second Quarter