Finance Department Delivers First Quarter Financial Report
Published:
<< Back to NewsFri 2/25/22
The Town of Addison's financial policies require the publication of a financial report 60 days subsequent to the end of each fiscal quarter. Addison CFO Steven Glickman presented Council with the report covering the financial performance through the first quarter for Fiscal Year 2022 (October 1, 2021 - December 31, 2021)
Key highlights for the first quarter include:
- General Fund revenue totaled $11.3 million which is 27.7 percent of the fiscal year budget.
- General Fund expenditures totaled $10.2 million which is 25.0 percent of the fiscal year budget.
- Sales tax collections totaled $4.1 million which is 29.7 percent of the fiscal year budget.
- The Hotel Fund had revenues of $921 thousand and expenditures of $835 thousand which are in line with historical averages.
- Performing Arts expenditures are at 69.2 percent due to the full payment of the WaterTower Theatre grant.
- Special Events revenues totaled 8.9 percent and expenses totaled 1.5 percent of the fiscal year budget because of the timing of events.
- Airport Fund operating revenue totaled $1.6 million or 22.0 percent and operating expenditures totaled $839 thousand or 15.7 percent of the fiscal year budget.
- Utility Fund operating revenue totaled $2.8 million or 19.4 percent and expenditures totaled $3.1 million or 21.0 percent of the fiscal year budget.
- Stormwater Fund revenues and expenditures are in line with historical averages.
The First 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, review the presentation here, and read the Financial Report here.
