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Addison's financial policies require the publication of a financial report 60 days after the end of each fiscal quarter. The financial and investment reports CFO Steven Glickman presented to the Council at its November 12 meeting covered the financial performance for the fourth quarter of Fiscal Year 2024 (July 1 - September 30, 2024). Some key highlights included:

• General Fund revenue totaled $51.4 million, which is 105.9 percent of the fiscal year budget.
• General Fund expenditures totaled $47.4 million, which is 97.2 percent of the fiscal year budget.
• Sales tax collections totaled $17.3 million, which is 109.7 percent of the fiscal year budget.
• The Hotel Fund had revenue of $7.0 million, an increase of $467 thousand from this time a year ago. Hotel Fund expenditures totaled $6.7 million. 
• Performing Arts expenditures are at 100 percent due to the full payment of the WaterTower Theatre grant.
• Special Events revenues totaled 122.1 percent and expenses totaled 108.3 percent of the fiscal year budget. 
• Airport Fund operating revenue totaled $7.9 million or 108.9 percent and operating expenditures totaled $5.5 million or 90.2 percent of the fiscal year budget.
• Utility Fund operating revenue totaled $16.8 million or 103.1 percent and expenditures totaled $15.8 million or 96.1 percent of the fiscal year budget.
• 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 the 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.

The City Council approved a $247,500 contract with Gliden Industries to serve as the Construction Manager at Risk for the Addison Conference Centre Remodel Project at its November 12 meeting. This project will reconfigure the facility to accommodate additional office space, supporting the Town’s Strategic Objective to explore opportunities for expanding and consolidating Town facilities.

The remodel project, with a budget of $2 million allocated in the FY25 Budget, is expected to last nine months from the start date. Gliden will oversee pre-construction planning and manage construction, ensuring that the project stays on schedule and within budget.

At its November 12 meeting, the Addison City Council adopted an ordinance to implement a rental and lodging registration and inspection program to enhance the health and safety of all rental properties and hotel/motel establishments throughout Addison. This program includes single-family, townhomes, duplexes, condominiums, apartments, and hotels/motels, and is scheduled to take effect on January 1, 2025.

The program is designed to:

• Maintain a high-quality housing stock within the Town.
• Ensure the health and safety of Addison residents and visitors.
• Foster proactive collaboration with property owners to achieve voluntary compliance.
• Address substandard conditions.
• Build strong relationships with the rental community, property managers, and owners.

The ordinance establishes registration requirements and inspection procedures. All rental property owners, including those of single-family homes and multi-family units, as well as hotel/motel operators, must register their properties annually by March 1, with registration expiring on December 31 each year. Registration fees are outlined in the Master Fee Schedule: $115 annually for single-family rentals, $25 per unit for multi-family, and $40 per unit for hotels/motels. Additional re-inspection fees may apply.

Exterior and interior inspections will be required for all rental properties, although properties built within the past five years are exempt from routine interior inspections unless complaints or violations arise. A minimum 14-day notice will be provided for interior inspections, which can be proactive or complaint-driven.

Violations may incur fines up to $2,000 per offense, per day. This program aligns with Council priorities to ensure safe and well-maintained properties, provide resources for education and outreach, and engage with property managers for ongoing improvements in rental standards.