Finance Department Delivers First Quarter Financial Report for Fiscal Year 2020

The Town of Addison's financial policies require the publication of a financial report 60 days subsequent to the end of each fiscal quarter. At the February 25 City Council Meeting, Acting Chief Financial Officer Bill Hawley delivered the report for the financial performance for the first quarter for Fiscal Year (FY) 2020 (October 1, 2019 - December 21, 2019).

Key highlights for the first quarter include:

• General Fund revenue totaled $10.1 million which is 26 percent of the fiscal year budget.
• General Fund expenditures totaled $9.04 million which is 21 percent of the fiscal year budget. 
• Sales tax collections totaled $3.8 million which is 28.1 percent of the fiscal year budget.
• The Hotel Fund had revenue of $1.3 million and expenditures of $1.2 million which are in line with historical averages.  
• Performing Arts expenditures are at 59.4 percent due to the first payment of the WaterTower Theatre grant.
• Special Events revenues totaled 17.2 percent and expenses totaled 16.5 percent of the fiscal year budget. This is in line with historical averages because of the timing of events.
• Airport Fund operating revenue totaled $1.4 million or 25.3 percent and operating expenditures totaled $1.1 million or 20.2 percent of the fiscal year budget.
• Utility Fund operating revenue totaled $2.5 million or 19.3 percent and expenditures totaled $2.3 million or 17.5 percent of the fiscal year budget. This is in line with historical averages (seasonally low water usage). 

The financial condition of the Town remains strong and all reported funds adhere to the 25% fund balance requirement. Investments adhere to the Town's Investment Policy as adopted by Council and State Law.

You can watch Council's FY2020 Financial Report discussion here. You can review the FY 2020 First Quarter Financial Report here and the Investment Report here.