Council Gets Quarterly Financial Report for the Fiscal Year 2019 Third Quarter that Ended June 30, 2019

Addison's financial policies require the publication of a financial report 60 days subsequent to the end of each fiscal quarter. The financial and investment reports presented to Council at its August 27 meeting covered the financial performance for the third quarter for Fiscal Year 2019 (April 1, 2019 - June 30, 2019). The financial report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater.

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 the FY2019 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 WaterTower Theatre 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 have expired. Water revenues are 52.3 percent of the fiscal year 2019 budget, as a 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 have 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 and meet the Council's 30% goal. The Third Quarter Investment Report adheres to the Town's Investment Policy as adopted by Council and is in keeping with all State laws.

You can watch the Council's quarterly update discussion here or read the Financial Report here.