Finance Department Delivers Second Quarter Financial Report

The Town of Addison's financial policies requires the publication of a financial report 60 days subsequent to the end of each fiscal quarter. At the May 26 Council meeting, Chief Financial Officer Steven Glickman delivered the second quarter report for Fiscal Year 2020 (October 1, 2019 - March 31, 2020) to Council. Economic impacts on the COVID-19 pandemic are expected to be reflected in the next quarterly report.

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, which is prepared in accordance with state law and the Town's Financial Policies, was also provided for informational purposes.

You can watch the Council's Quarterly Financial Report here, review the presentation here, and read the Financial Report here.