Finance Staff Delivers First Quarter Financial Report for the FY 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. On February 20, Budget Manager Terri Doby delivered the Town's financial report for the first quarter for Fiscal Year (FY) 2019 (October 1, 2018 - December 31, 2018). Some of the key highlights for the first quarter include:

• Fiscal year-to-date General Fund revenue totaled almost $9.9 million, which is 26 percent of the overall budget amount. Sales tax collections are 26.3 percent of the fiscal year 2019 budget. G​eneral Fund expenditures for the various departments are in line with budget.
• Sales tax is up 7% in the first quarter.
• Hotel occupancy tax collections are 16.7 percent of budget for two months of collections or 16.6 percent of the fiscal year. Performing Arts expenditures are at 66.3% due to the first payment of the WaterTower Theatre grant, and Special Events expenses are at 18.8% due to timing of events.
• Utility Fund operating revenue through the first quarter totaled just over $2 million or 15.9 percent of the fiscal year 2019 budget. Water revenues are 14.7 percent of the fiscal year 2019 budget, the result of unusually wet weather. With a one-month lag in the collection of utility revenues, 16.7 percent of the fiscal year has expired. Utility Fund operating expenses through the first quarter totaled approximately $2.6 million, or 22 percent of the fiscal year 2019 budget. Wastewater treatment expenses, however, are unusually high due to the timing of payments and increased costs from the Trinity River Authority wastewater treatment. 
• Stormwater Fund operating revenue through the first quarter totaled almost $430 thousand or 19.9% of the fiscal year 2019 budget. With a one-month lag in the collection of stormwater revenues, 16.7 percent of the fiscal year has expired. Stormwater Fund operating expenses through the first quarter totaled approximately $207 thousand or 10.3 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.

CFO Olivia Riley also shared the Town's First Quarter Investment Report. Investments adhere to state law and the Town's Investment Policy as adopted by Council.

You can watch the Council discussion on the FY2019 First Quarter Financial Report here.