Second Quarter Financial Report for Fiscal Year 2022

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 Chief Financial Officer Steven Glickman presented Council with the report covering the financial performance for the second quarter for Fiscal Year 2022 (January 1, 2022 - March 31, 2022). 

Key highlights for the second quarter include: 

• General Fund revenue totaled $32.5 million, which is 79.7 percent of the fiscal year budget.
• General Fund expenditures totaled $18.7 million, which is 45.9 percent of the fiscal year budget.
• Sales tax collections totaled $8.3 million, which is 60.6 percent of the fiscal year budget.
• The Hotel Fund had revenue of $2.0 million, an increase of $1.2 million from this time a year ago, and expenditures of $1.6 million.
• Performing Arts expenditures are at 99.6% percent due to the full payment of the WaterTower Theatre grant.
• Special Events revenues totaled 23.1 percent, and expenses totaled 5.7 percent of the fiscal year budget due to the timing of events. 
• Airport Fund operating revenue totaled $3.3 million or 46.1 percent, and operating expenditures totaled $2.5 million, or 48.3%.
• Utility Fund operating revenue totaled $6.9 million or 47.6 percent, and operating expenditures totaled $7.5 million, or 51.1%.
• Stormwater Fund revenue and expenditures are in line with historical averages. 

The Second 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.