Finance Department Delivers Fourth Quarterly Financial Report
Published:
<< Back to NewsTue 11/16/21
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 fourth quarter for Fiscal Year 2021 (July 1, 2021 - September 30, 2021) at its November 9 meeting.
Key highlights for the fourth quarter include:
- General Fund revenue totaled $41.3 million, which is 103.3 percent of the fiscal year budget.
- General Fund expenditures totaled $38.5 million, which is 95.8 percent of the fiscal year budget.
- Sales tax collections totaled $14.9 million, which is110.0 percent of the fiscal year budget.
- The Hotel Fund had revenue of $4.3 million and expenditures of $5.0 million.
- Performing Arts expenditures are at 114.3 percent due to the full payment of the Water Tower Theatre grant.
- Special Events revenues totaled 81.0 percent, and expenses totaled 83.2 percent of the fiscal year budget.
- Airport Fund operating revenue totaled $5.9 million or 107.8 percent, and operating expenditures totaled $4.6 million or 85.9 percent of the fiscal year budget.
- Utility Fund operating revenue totaled $13.4 million or 96.0 percent of the fiscal year budget, and expenditures totaled $13.1 million or 92.3 percent of the fiscal year budget. Revenue was primarily below budget due to lower than anticipated sewer volume which was more than offset on the expenditure side with lower than anticipated wholesale purchases of water and sewer services.
- Stormwater Fund revenue and expenditures are in line with historical averages.
The Fourth 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.
