Leverage Addison's unique assets to grow and expand placemeaking and events that will set Addison apart and attract talent and businesses
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AGENDA CAPTION:
Present and Discuss the Finance Department Quarterly Financial Report of the Town of Addison for the Fiscal Year 2019 Third Quarter Ended June 30, 2019.
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 third quarter for Fiscal Year 2019 (April 1, 2019 - June 30, 2019). 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 third quarter include:
General Fund fiscal year to date revenue totaled $34.4 million, which is 91.8 percent of the overall budget amount. Sales tax collections are 83 percent of the fiscal year 2019 budget. Expenditures for the various departments are in line with budget.
Hotel occupancy tax collections are 65.5 percent of budget for eight months of collections or 66.7 percent of the fiscal year. Hotel fund expenditures total $4.3 million or 47.7 percent of budget. Performing Arts expenditures are at 98% due to full payment of the Water Tower Theater grant.
Operating revenue in the Utility Fund through the third quarter totaled just over $7.2 million or 56.5 percent of the fiscal year 2019 budget. With a one-month lag in the collection of utility revenues, eight months (66.7 percent) of the fiscal year has expired. Water revenues are 52.3 percent of the fiscal year 2019 budget, the result of unusually wet weather this spring. Operating expenses through the third quarter totaled approximately $7.9 million, or 66 percent of the fiscal year 2019 budget. Wastewater treatment expenses, however, are unusually high due to the increased costs from the Trinity River Authority wastewater treatment.
Operating revenue in the Stormwater Fund through the third quarter totaled $1.6 million or 75% of the fiscal year 2019 budget. With a one-month lag in the collection of stormwater revenues, eight months (66.7 percent) of the fiscal year has expired. Operating expenses through the third quarter totaled almost $1.2 million or 58 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 3rd Quarter Investment Report for Council's review. Investments adhere to the Town's Investment Policy as adopted by Council.