Finance Department Delivers Fourth Quarter Financial Report for Fiscal Year 2019

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 November 21 City Council Meeting, Acting Chief Financial Officer Bill Hawley delivered the report for the financial performance for the fourth quarter for Fiscal Year 2019 (July 1, 2019 - September 30, 2019).

Key highlights for the fourth quarter include:

• General Fund fiscal year-to-date revenue totaled $40.1 million, which is 106.3 percent of the revenue budgeted for the year. Property tax revenues are at 102 percent of budget. Sales tax collections are 107.2 percent of the budget.
• General Fund fiscal year-to-date expenditures and transfers totaled approximately $40.1 million, which is 94.5 percent of the expenditures budgeted for the year. All departments were at or below their respective budgets for fiscal year 2019.   
• Hotel occupancy tax collections are 97.7 percent of budget through twelve months of collections. Hotel Fund expenditures total $6.8 million or 75.7 percent of budget. All departments were at or below their respective budgets for fiscal year 2019.
• Operating revenue in the Utility Fund through the fourth quarter totaled approximately $11.8 million or 92.2 percent of the revenue budgeted in the fiscal year 2019 budget. With a one-month lag in the collection of utility revenues, eleven months (91.7 percent) of the fiscal year has expired. Water revenues are 84.5 percent of the fiscal year 2019 budget, the result of unusually wet weather this spring.
• Operating expenses in the Utility Fund through the fourth quarter totaled approximately $11.8 million, or 97.6 percent of the expenses budgeted in the fiscal year 2019 budget. Wastewater treatment expenses, however, are unusually high due to increased costs from the Trinity River Authority wastewater treatment. 
• Operating revenue in the Stormwater Fund through the fourth quarter totaled $2.2 million or 102.9 percent of the fiscal year 2019 budget. With a one-month lag in the collection of Stormwater revenues, eleven months (91.7 percent) of the fiscal year has expired. Operating expenses through the fourth quarter totaled approximately $1.6 million or 79.6 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. Investments adhere to the Town's Investment Policy as adopted by Council and State Law.

You can review the Fourth Quarter Financial Report here and the Investment Report here.