Council Receives Quarterly Financial Report for the Second Quarter of Fiscal Year 2021

Tue 6/1/21
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Addison's financial policies require the publication of a financial report 60 days subsequent to the end of each fiscal quarter. The financial and investment reports presented to Council at its May 25 meeting covered the financial performance for the second quarter for the Fiscal Year 2021 (January 1, 2021 - March 31, 2021). The financial report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater.
Key highlights for the second quarter include:
  • General Fund revenue totaled $29.7 million, which is 76.5 percent of the fiscal year budget.
  • General Fund expenditures totaled $17.3 million, which is 43.8 percent of the fiscal year budget.
  • Sales tax collections totaled $6.9 million, which is 55.7 percent of the fiscal year budget.
  • The Hotel Fund had revenue of $797 thousand and expenditures of $1.4 million, which is $1.1 million less (revenue) than this time a year ago.
  • Performing Arts expenditures are at 88.8 percent due to the full payment of the Water Tower Theatre grant.
  • Special Events revenues totaled 4.0 percent, and expenses totaled 1.7 percent of the fiscal year budget due to the timing of events.
  • Airport Fund operating revenue totaled $2.8 million or 53.4 percent, and operating expenditures totaled $2.2 million or 42.7 percent of the fiscal year budget.
  • Utility Fund operating revenue totaled $5.2 million or 37.1 percent, and expenditures totaled $6.5 million or 45.8 percent of the fiscal year budget. This is in line with historical averages (seasonally low water usage).
  • 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.