Addison Finance Department Presents Quarterly Report to Council
Published:
<< Back to NewsFri 2/26/21
At the February 23 City Council Meeting, Chief Financial Officer Steven Glickman presented the Council with the Quarterly Financial Report for the financial performance for the first quarter for Fiscal Year 2021 (October 1, 2020 - December 31, 2020). Key highlights for the first quarter include:
- General Fund revenue totaled $9.3 million which is 24.1 percent of the fiscal year budget.
- General Fund expenditures totaled $8.6 million which is 21.9 percent of the fiscal year budget.
- Sales tax collections totaled $3.4 million which is 27.6 percent of the fiscal year budget.
- The Hotel Fund had revenue of $259 thousand and expenditures of $772 thousand which are lower compared to historical averages due to the Conference Centre being closed in FY2021.
- Performing Arts expenditures are at 69.2 percent due to the full payment of the Water Tower Theatre grant.
- Special Events revenues totaled zero percent and expenses totaled 20.6 percent of the fiscal year budget because of the timing of events.
- Airport Fund operating revenue totaled $1.4 million or 26.3 percent and operating expenditures totaled $881 thousand or 15.9 percent of the fiscal year budget.
- Utility Fund operating revenue totaled $2.3 million or 16.7 percent and expenditures totaled $1.9 million or 13.1 percent of the fiscal year budget.
- Stormwater Fund revenue and expenditures are in line with historical averages.
The Quarterly Investment Report for Quarter 1 of Fiscal Year 2021, which is prepared in accordance with state law and the Town's Financial Policies, was also provided to Council informational purposes.
You can read the presentation here, the Quarterly Financial Report here, and the Quarterly Investment Report here.
