News & Events

Addison City Manager David Gaines shared his proposed budget for Fiscal Year 2025 with the City Council on July 31, as is required by Addison’s Charter. His proposed budget is the result of focus on the adopted 2024-2025 Strategic Plan and Key Focus Areas. It also creates a vision for Addison’s future, executes and follows through on the Town's commitments to the community, and supports the employees to exhibit the Addison Way and follow our core values of Accountability, Responsiveness, Innovation, Service, and Integrity.

At the June 25 City Council Meeting, CFO Steven Glickman provided a project status of the 2012 and 2019 bond programs, updates on committed projects, and potential future projects in the context of the five-year capital improvement plan (CIP) that will be included as part of the fiscal year 2025 budget. 

Additionally, the CFO provided information on the proposed Certificates of Obligation, Series 2024. The proposed 2024 Certificates of Obligation issuance totals $10,700,000 and consists of the following:

• $3,400,000 for construction of a new 23,000 square foot public safety communications facility for the joint dispatch center created and owned by the Cities of Coppell, Farmers Branch, and Carrollton along with the Town.
• $1,150,000 for a replacement Spartan Fire Engine.
• $850,000 for Addison Grove incentive payments for public infrastructure. Town staff anticipates that Addison Grove will qualify for the first two incentive payments in late 2024 or early 2025. Each incentive payment is $2,083,333. The Town set aside $3,000,000 between fiscal years 2017 and 2019 to cash fund half the incentive payments. To date, those funds have earned slightly over $300,000 in interest.
• $5,300,000 for Stormwater Fund capital improvement projects supported and serviced by Stormwater Fund revenue. These projects include reconstruction of Keller Springs Road ($2,800,000) and Les Lacs Pond Improvements ($2,500,000).

With the proposed issuance, and accounting for anticipated growth in taxable property values and State Infrastructure Bank loan proceeds of $15,000,000, the Interest and Sinking (I&S) tax rate is estimated to increase from $0.159492/$100 in Fiscal Year 2024 to $0.174100/$100 in Fiscal Year 2025. The 2019 Bond Committee estimated that for Fiscal Year 2025, the I&S tax rate would be approximately $0.255400/$100, which is almost 47% higher than the current estimate for Fiscal Year 2025.

At the May 28 City Council Meeting, Parks & Recreation Director Janna Tidwell provided the Council with updates on a study by the North Central Texas Council of Governments (NCTCOG), focusing on connectivity to the Dallas Area Rapid Transit (DART) Rail Station in Addison, and the Quorum Drive reconstruction and placemaking initiative.

NCTCOG Connectivity Study

In 2023, NCTCOG informed Town staff that funds were available to conduct a study focusing on connectivity to DART transit stations and offered to include Addison in the study. Since that time, Town staff has been providing feedback and reviewing recommendations made by NCTCOG and the consultant team for the project. 

Although several transportation corridors in Addison were analyzed for the feasibility of pedestrian and bikeway facilities, Westgrove Road and Quorum Drive were identified as the most ideal. The recommendations include a combination ranging from one-way separated bike lanes to two-way cycle tracks. Staff is planning a three-week pop-up demonstration after Oktoberfest to evaluate the impact of bike trails on Quorum Drive.

Quorum Drive Placemaking Initiative

In 2019, voters approved $26,302,000 for the reconstruction of Quorum Drive from the Dallas North Tollway to the DART rail right of way as part of a bond election. The project includes the development of pedestrian connectivity and $2.9 million in funds for placemaking recommendations made in the Town's Parks, Recreation & Open Space (PROS) plan. In 2022, the Council awarded a contract to Teague Nall and Perkins for the design and development of construction documents for the project and appointed a Public Advisory Committee to be a resource for background information and feedback in 2023. The committee has met three times and has been engaged throughout the process.

The recommendations for the project include removing the traffic circle and creating a park, adding park space and outdoor coworking space along the corridor, and incorporating a pedestrian/bike crossing at Belt Line. The vision would offer gathering space for corporate functions and visitors and an opportunity to facilitate open street concept events on weekends.

Since the bike lane project recommendations overlap with the Quorum Drive Reconstruction and Placemaking project, staff will incorporate recommendations into the construction documents where feasible.

The Les Lacs Pond Improvement project was released for bid in September 2023 with no bid participation. Staff reissued the bid in January of 2024 and received only one bidder who was significantly higher than the consultants’ Opinion of Probable Construction Cost. There are currently numerous projects in the DFW region that are much easier to perform and have much higher gross profit margins

During negotiations with the bidder, all parties determined that the best course of action would be to separate the project into two smaller projects: pond liner replacement and landscaping. At its April 23 meeting, the Council approved an amendment to the Westra Consulting contract for them to develop two sets of plans. This process will take eight weeks to complete.

 Over the next two months, Town staff will continue to negotiate with their single bidder on construction items related to the pond liner, including installing a clay liner and deepening the pond to eight feet. They will also solicit bids for dredging and sediment haul-off from an outside contractor. Once the two sets of plans are developed, the Town will bid the new project which will include all items in the landscape scope. This project will begin once the pond liner project is complete and is anticipated to take six months. 

 You can watch the Council's Les Lacs Pond Improvement Project discussion here and read the presentation here.

In February 2023, the City Council approved a request to rezone the first phase of the Addison Transit-Oriented Development (TOD). At that time, the Council also approved development plans for several components of the project. Since that rezoning action occurred, the project team has changed, resulting in Quadrant Investment Properties (QIP) serving as the new co-developer for the office component of the project. At its April 23 meeting, the Council approved the co-developers request to amend the Planned Development (PD) Ordinance to adopt a revised concept plan, master streetscape plan, permitted uses, and development standards for the first phase of the Addison TOD, as well as new development plans for the office building, parking structure, and multifamily tower components of the project. 

You can watch the Council's TOD development plan discussion here and read the presentation here.

 The Council also approved 99-year ground leases with AMLI Residential Partners for the development and operation of the two mixed-use residential buildings and three stand-alone retail buildings that are part of the first phase of this project.

You can watch the Council's ground lease discussion here and read the presentation here.

The Fiscal Year (FY) 2024 budget was adopted by Council on September 12, 2023. Each year, Finance staff reviews the budget to determine which items should be recognized with formal budget amendments. When budget variances occur that are outside the authority of the City Manager, these adjustments are presented to the Council in the form of a budget amendment.

The City Council approved the first FY 2024 budget amendment during its April 9 meeting. Notable changes include reallocations within the General Fund due to a compensation market study, increased funding for Parks Department personnel and equipment, agenda management and strategic planning software for the city manager's office, and police vehicle upfitting. Additionally, adjustments were made in various funds to address prior year encumbrances and accommodate grant receipts. The amendment aims to optimize resource allocation and support ongoing projects across different departments and initiatives.

You can watch the Council's budget amendment discussion here and read the presentation here.

Since 2016, Addison's City Council has met annually to discuss strategic questions and identify key priorities for the Town. The last annual plan (FY 2024 Vision Statement, Strategic Pillars, and Milestones) was adopted by the Council through Resolution on April 25, 2023. The plan is used to assist with the annual budget development and propose the allocation of resources with Council-identified priorities, to guide staff and the organization's efforts, and to measure progress toward defined goals.

On February 8 and February 9, the Council met in a Special Meeting to discuss and develop an updated plan with the assistance of an outside facilitator and input from Town staff.

A new format for the strategic plan was introduced: 

• Key Focus Areas (KFA): Key areas around which we build and focus our efforts and resources.
• Strategic Objectives: Top ways that we succeed in our Key Focus Areas (~3-7 per key Focus Area).
• Initiatives: Specific means by which we accomplish our Strategic Objectives.

Through the discussion, the Council developed KFAs and Strategic Objectives that were discussed during the February 27 meeting and formally adopted at the March 5 meeting. The KFAs are:

• Public Saftey
• Economic Development and Revitalization
• Mobility and Connectivity
• Infrastructure Development and Maintenance
• Financial Health and Organizational Excellence
• Community Engagement
• Vibrant Active Community

You can find the formal resolution that includes the KFAs and Strategic Objectives here.

The Addison Town Charter requires that Town staff prepare an Annual Comprehensive Financial Report (ACFR) which shows the status of the Town’s finances. The Charter also requires that the Town’s financial statements be audited annually by an independent external auditing firm. The results of the independent external audit are included in the Fiscal Year 2023 ACFR. On February 27, Addison's FORVIS, LLP, an independent firm of licensed certified public accountants, shared with the Council that it issued an unmodified opinion, which means that the financial statements are presented, in all material respects, in accordance with applicable financial reporting framework. Simply stated, an unmodified opinion is a clean opinion.

You can watch the Council's ACFR discussion here and read the presentation here.

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 February 27 meeting covered the financial performance for the first quarter for Fiscal Year 2024 (October 1, 2023 - December 31, 2023).  Some key highlights included:

• General Fund revenue totaled $11.8 million, which is 24.6 percent of the fiscal year budget.
• General Fund expenditures totaled $12.2 million, which is 25.4 percent of the fiscal year budget.
• Sales tax collections totaled $4.2 million, which is 27.5 percent of the fiscal year budget.
• The Hotel Fund had revenue of $1.5 million, an increase of $52 thousand from this time a year ago. Hotel Fund expenditures totaled $955 thousand. 
• Performing Arts expenditures are at 60.1 percent due to the payment of the WaterTower Theatre grant.
• Special Events revenues totaled 16.7 percent and expenses totaled 1.4 percent of the fiscal year budget due to the timing of events. 
• Airport Fund operating revenue totaled $1.9 million or 26.0 percent and operating expenditures totaled $1.1 million or 17.7 percent of the fiscal year budget.
• Utility Fund operating revenue totaled $4.2 million or 25.9 percent and expenditures totaled $3.0 million or 18.3 percent of the fiscal year budget.
• Stormwater Fund revenue and expenditures are in line with historical averages.

The First 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.

Public Works and Engineering Director Shannon Hicks provided Council with an update on the department's key operations, capital improvement projects, and bond projects for Fiscal Year 2024 at the January 9 City Council meeting. Some of the highlights of the presentation included:

• Addison has been awarded a Texas Department of Transportation (TxDOT) grant for nearly $600,000 for signal improvements at the Belt Line Road and Business Avenue intersection.
• Construction is set to begin on the Keller Springs reconstruction project in early 2024.
• Progress is being made with irrigation, trail, retaining walls, and traffic signals on the south side of the Midway Road project and the northbound lanes from Belt Line Road to Keller Springs are under construction. The anticipated substantial completion of the entire project is still on schedule for Spring 2024.
• The Rawhide Creek ADA and Drainage Improvement project was completed in December 2023.
• Design is underway for the Quorum Drive and Montfort Road reconstruction projects.

You can watch the Council's Public Works discussion here and read the presentation here.

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 14 meeting covered the financial performance for the fourth quarter of Fiscal Year 2023 (July 1 - September 30, 2023). Some key highlights included:

• General Fund revenue totaled $47.7 million, which is 106.0 percent of the fiscal year budget.
• General Fund expenditures totaled $43.7 million, which is 97.2 percent of the fiscal year budget.
• Sales tax collections totaled $16.7 million, which is 109.6 percent of the fiscal year budget.
• The Hotel Fund had revenue of $6.5 million, a decrease of $964 thousand from this time a year ago, due to the receipt of ARPA funds in September 2022. Hotel Fund expenditures totaled $6.2 million. 
• Performing Arts expenditures are at 100 percent due to the full payment of the WaterTower Theatre grant.
• Special Events revenues totaled 92.1 percent and expenses totaled 91.7 percent of the fiscal year budget. 
• Airport Fund operating revenue totaled $7.4 million or 111.2 percent and operating expenditures totaled $5.2 million or 93.3 percent of the fiscal year budget.
• Utility Fund operating revenue totaled $16.5 million or 107.2 percent and expenditures totaled $15.4 million or 96.9 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 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.

At the September 26 City Council meeting, Chief Financial Officer Steven Glickman presented Council with the second amendment to the Fiscal Year (FY) 2023 budget. Each year, Finance staff reviews the budget to determine which items should be recognized with formal budget amendments. When budget variances occur that are outside of the authority of the City Manager, these adjustments are presented to the Council in the form of a budget amendment. The FY2023 budget was adopted by Council on September 12, 2022. This is the second amendment to the FY2023 Town of Addison annual budget.

The major General Fund items highlighted in the amendment totaled $741,000 but were offset by an equal increase in sales tax. These included transfers to the Facility Maintenance Fund, personnel costs in the General Services and Finance Departments, street maintenance, and replacement of a damaged bus shelter.

Additionally, the amendment authorized the City Manager to transfer unexpended appropriations and excess revenue from the FY2023 budget to the FY2024 Self-Funded Special Projects Fund. It also allocated funds from the prior year's Self-Funded Special Projects Fund encumbrances for several projects including new fire station bay door grill gates, Wheeler Bridge painting, and the Vitruvian Park Fitness Court.

A Utility Fund appropriation of $250,000 was approved to provide funding for higher than anticipated wholesale water purchases due to a hotter and dryer spring and summer than anticipated. These additional appropriations were offset by corresponding increased water sales revenue, resulting in a net impact to the Utility Fund of $0.

Following the second round of public hearings at its September 12 meeting, the City Council approved the Fiscal Year (FY) 2024 budget and adopted a tax rate of $0.609822 per $100 of valuation which is the same as the FY 2023 tax rate. Of the total tax rate, $0.450330 is dedicated to maintenance and operations, which is a slight increase from the FY 2023 tax rate for maintenance and operations, and $0.159492 is dedicated to debt service payments. The debt service portion of the tax rate is decreasing despite the issuance of General Obligation Bonds that were approved by voters in the 2019 Bond Election as well as Certificates of Obligation.

Revenues for all funds total $107,910,607, which is an increase of $18.12M compared to the FY 2023 budget. Primary revenue sources are property tax ($36.08 million), sales tax ($15.2 million), hotel occupancy tax ($5.25 million), interest and other income ($13.59 million), and utility service fees ($15.95 million).

The new budget takes effect on October 1 and includes the following significant items:

• Emergency Management Coordinator 
• Mental Health Wellness Program for Police Department 
• Two Fire Administration Vehicles 
• Building Inspector 3rd party Services 
• Assistant Director of Development Services
• Code Enforcement Manager 
• Code Enforcement Officer
• Neighborhood Services Startup Funding 
• Addison Circle Park Vision Plan
• Pickleball Court Shade Structure 
• Spruill Dog Park Artificial Turf 
• Public Art Installation
• NTTA Pedestrian Crossing, Gateway and Landscape Plan 
• Recreation Van 
• Addison Athletic Club Building Improvements 
• Addison Athletic Club Outdoor Pool Renovation 
• Street Sweeper and Street Maintenance Worker 
• Public Works Superintendent 
• Utility Billing Customer Portal 

The FY 2024 proposed five-year capital improvements budget totals $54.29 million. Significant projects include:

• Midway Road Reconstruction 
• Vitruvian West Streetscape and Bella Lane Extension
• Improvements to Existing Buildings
• Keller Springs Reconstruction 
• Les Lacs Pond Improvements
• Vitruvian Park Phase 6, Block 301, 302, and 303 Improvements
• Quorum Drive Reconstruction 
• Montfort Drive Reconstruction
• Beltway Drive Trail
• Transit Oriented Development Parking Garage

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 23 meeting covered the financial performance for the second quarter of Fiscal Year 2023 (January 1, 2023 - March 31, 2023). 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 $34.7 million, which is 78.4 percent of the fiscal year budget.
• General Fund expenditures totaled $20.5 million, which is 46.3 percent of the fiscal year budget.
• Sales tax collections totaled $7.8 million, which is 54.1 percent of the fiscal year budget.
• The Hotel Fund had revenue of $3.1 million, an increase of $1.0 million from this time a year ago, and expenditures of $1.8 million. 
• Performing Arts expenditures are at 82.1 percent due to the payment of the WaterTower Theatre grant.
• Special Events revenues totaled 29.4 percent and expenses totaled 4.0 percent of the fiscal year budget because of the timing of events. 
• Airport Fund operating revenue totaled $3.6 million or 54.1 percent and operating expenditures totaled $2.6 million or 47.0 percent of the fiscal year budget.
• Utility Fund operating revenue totaled $7.2 million or 46.8 percent and expenditures totaled $8.1 million or 51.8 percent of the fiscal year budget.
• 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.

At the May 2023 City Council meeting, CFO Steven Glickman shared with Council the Town's proposed 2023 bond issuance program which includes a total issuance in the amount of $9,500,000. Since 2012, Addison voters have approved several bond programs to fund various projects throughout Town. Once voter approval is secured, the City Council is authorized to issue general obligation bonds to pay for projects.

The proposed 2023 General Obligation Bond issuance totals $5,000,000 and consists of the following:

• $5,000,000 from the authorized $32,602,000 ($0 issued to date) from Proposition B of the 2019 Bond Election for street improvements. The funds will be used for the reconstruction design of Montfort Drive ($900,000) and Quorum Drive. ($4.1M). Design contracts for both projects are anticipated to be brought before Council in late spring or early summer of 2023.

The proposed 2023 Certificates of Obligation issuance totals $4,500,000 and consists of the following:

• $2,000,000 for public infrastructure improvements for the Vitruvian Development. The amended and restated master facilities agreement with UDR, that was approved by Council on June 25, 2013, commits the Town to approximately $49.9M in public infrastructure investment. To date, approximately $13M of the total commitment remains. After this proposed issuance, approximately $11M of the total commitment will remain.
• $2,500,000 for Airport Fund capital improvement projects supported and serviced by Airport Fund revenue. These projects include reconstruction of Jimmy Doolittle Road and the east side airport service road.

With the proposed issuance and accounting for anticipated growth in taxable property values, the Interest and Sinking (I&S) tax rate is estimated to decrease from $0.164740/$100 in Fiscal Year 2023 to $0.162192/$100 in Fiscal Year 2024. The 2019 Bond Committee estimated that for Fiscal Year 2024 the I&S tax rate would be approximately $0.2465/$100, which is almost 52% higher than the current estimate for Fiscal Year 2024.  

You can watch Council's 2023 Bond Issuance Program here and read the presentation here.

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 February 28 meeting covered the financial performance for the first quarter of Fiscal Year 2023 (October 1, 2022 - December 31, 2022). The financial report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater. 

Key highlights for the first quarter include: 

• General Fund revenue totaled $11.4 million, which is 25.8 percent of the fiscal year budget.
• General Fund expenditures totaled $9.8 million, which is 22.3 percent of the fiscal year budget.
• Sales tax collections totaled $3.7 million, which is 25.5 percent of the fiscal year budget.
• The Hotel Fund had revenue of $1.4 million, an increase of $482 thousand from this time a year ago, and expenditures of $969 thousand.
• Performing Arts expenditures are at 60.1 percent due to the payment of the WaterTower Theatre grant.
• Special Events revenues totaled 10.0 percent and expenses totaled 1.1 percent of the fiscal year budget because of the timing of events. 
• Airport Fund operating revenue totaled $1.8 million or 26.3 percent and operating expenditures totaled $918 thousand or 16.5 percent of the fiscal year budget.
• Utility Fund operating revenue totaled $4.0 million or 25.9 percent and expenditures totaled $3.4 million or 21.9 percent of the fiscal year budget.
• Stormwater Fund revenue and expenditures are in line with historical averages. 

The First 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.

The Addison Town Charter requires that Town staff prepare an Annual Comprehensive Financial Report (ACFR) which shows the status of the Town’s finances. The Charter also requires that the Town’s financial statements be audited annually by an independent external auditing firm. The results of the independent external audit are included in the Fiscal Year 2022 ACFR. On February 13, Addison's FORVIS, LLP, an independent firm of licensed certified public accountants, shared with Council that it issued an unmodified opinion, which means that the financial statements are presented, in all material respects, in accordance with applicable financial reporting framework. Simply stated, an unmodified opinion is a clean opinion.

You can watch the Council's ACFR discussion here and read the presentation here.

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 November 8 meeting covered the financial performance for the fourth quarter for Fiscal Year 2022 (July 1, 2022 - September 30, 2022). The financial report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater funds. 

Key highlights for the fourth quarter include: 

• General Fund revenue totaled $43.98 million, which is 105.3 percent of the fiscal year budget.
• General Fund expenditures totaled $40.26 million, which is 96.4 percent of the fiscal year budget.
• Sales tax collections totaled $16.00 million, which is 108.7 percent of the fiscal year budget.
• The Hotel Fund had revenue of $7.25 million, an increase of $2.97 million from this time a year ago, and expenditures of $5.49 million.
• Performing Arts expenditures are at 100% percent due to the full payment of the WaterTower Theatre grant.
• Special Events revenues totaled 71.3 percent, and expenses totaled 82.4 percent of the fiscal year budget. 
• Airport Fund operating revenue totaled $7.54 million or 106.7 percent, and operating expenditures totaled $4.84 million, or 93.0%.
• Utility Fund operating revenue totaled $15.68 million or 105.6 percent, and operating expenditures totaled $14.19 million, or 94.1%.
• 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.

Following the second round of public hearings at its September 13 meeting, the City Council approved the Fiscal Year (FY) 2023 budget and adopted a tax rate of $0.609822 per $100 of valuation which is less than the FY22 tax rate of $0.614660 per $100 valuation

Of the total tax rate, approximately $0.45 is dedicated to maintenance and operations, and approximately $0.16 is dedicated to debt service payments. The debt service portion of the tax rate was anticipated to increase as a result of the planned issuance of General Obligation Bonds that were approved by voters in the 2012 and 2019 Bond Elections. However, the financial impacts of the General Obligation bond issuances this year were less than the projections included in the materials provided to the public as part of the 2019 Bond Election process.

 Revenues for all funds total $89,782,283, an increase of $4.79M compared to the FY 2022 budget. Primary revenue sources are property tax ($32.96 million), sales tax ($14.40 million), hotel occupancy tax ($4.80 million), and utility service fees ($15.27 million).  

The new budget takes effect on October 1 and includes the following significant items:

• $500,000 funding for the creation of an Other Post-Employment Benefits (OPEB) trust.
• $347,000 for Fire facility maintenance.
• $82,000 for facility lightning protection.
• $300,000 to utilize available Texas Ambulance Services Supplemental Payment Program (TASSPP) funds.
• $110,000 for the painting of Wheeler Bridge.
• $223,000 for Beltway Trail and Greenspace construction documents.
• $55,280 for Beckert Park light bollard replacement and electrical improvements.
• $260,000 to purchase chipper equipment for the Parks department.
• $132,500 for a Park Land Dedication & Development fee study.
• $192,459 for Addison Athletic Club fitness wing wall treatments.

The FY 2023 proposed five-year capital improvements budget totals $43.53 million and includes:

• Midway Road Reconstruction ($10.38 million)
• Vitruvian West Streetscape and Bella Lane Extension ($2.25 million)
• Improvements to Existing Buildings ($2.58 million)
• Keller Springs Reconstruction ($10.20 million)
• Les Lacs Pond Improvements ($1.27 million)
• Vitruvian Park Phase 9, Block 701 Improvements ($0.84 million)
• Quorum Drive Reconstructions ($0.75 million)
• Traffic Signal and ADA Improvements ($1.4 million)
• Lake Forest Drive Utility Improvements ($0.87 million)
• Rawhide Creek Basin Improvements - Les Lacs Area ($2.01 million)
• Bravo/Golf Taxiway Improvements ($5.84 million)
• Reconstruction of Jimmy Doolittle Drive ($1.55 million)

You can watch the Council's budget discussion here and read the presentation here. You can watch the Council's tax rate discussion here and read the presentation here.

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 August 23 meeting covered the financial performance for the third quarter of Fiscal Year 2022 (April 1, 2022 - June 30, 2022). The financial report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater.

Key highlights for the third quarter include: 

• General Fund revenue totaled $37.9 million, which is 93.1 percent of the fiscal year budget.
• General Fund expenditures totaled $28.2 million, which is 69.1 percent of the fiscal year budget.
• Sales tax collections totaled $11.9 million, which is 87.1 percent of the fiscal year budget.
• The Hotel Fund had revenue of $3.8 million, an increase of $1.9 million from this time a year ago, and expenditures of $3.1 million.
• Performing Arts expenditures are at 100% percent due to the full payment of the WaterTower Theatre grant.
• Special Events revenues totaled 50.7 percent, and expenses totaled 37.9 percent of the fiscal year budget due to the timing of events. 
• Airport Fund operating revenue totaled $5.0 million or 70.9 percent, and operating expenditures totaled $3.3 million, or 63.0%.
• Utility Fund operating revenue totaled $10.8 million or 75.0 percent, and operating expenditures totaled $10.5 million, or 71.3%.
• Stormwater Fund revenue and expenditures are in line with historical averages. 

The Third 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.

At its August 9 meeting, the Council approved a rezoning request from AMLI for a 13.78+/- acre property located on the west side of Midway Road, approximately 1,000 feet south of Beltway Drive and immediately north of the Redding Trail Dog Park to allow for a multi-use development that includes:

• 4- and 5-story multifamily buildings with 367 multifamily dwelling units and 4 live / work units, and 7,000 SF of ground floor retail / office / co-working / restaurant space
• 3-story multifamily building with 34 units
• 30 3-story fee simple townhomes
• 14 3-story rental townhomes

The project includes the dedication of three acres of public open space, 1.93 acres of landscape area, implementation of a 10’ trail at the western boundary that connects to the Midway Road trail, and a 100-foot buffer for a residential transition zone. AMLI has committed to donating $100,000 toward improvements to the Redding Trail dog park and will install shade coverings, water fountains, and seating. They have also committed to donating $150,000 to the Addison Arbor Foundation for public art in the project area.

The estimated value of the project is $170 million.

You can watch the Council's AMLI discussion here and read the presentation here.

At its August 9 meeting, the Council passed two Resolutions authorizing the issuance of bonds for proposed streets, infrastructure, parks, and building updates. Council approved the sale of $13 million of Certificates of Obligation to be used for the following purposes:

•  On November 13, 2018, the City Council directed the City Manager to pursue issuing Certificates of Obligation to fund a portion of the budgeted $41 million reconstruction of Midway Road. In 2012 voters approved $16 million in funding for this reconstruction project. The Town issued $15,000,000 in Certificates of Obligations in 2019 for the purpose of reconstructing Midway Road with a $10,000,000 in Certificates of Obligations included in this issuance. This will complete the Certificate of Obligation issuances for the Midway Road Project.
• $3,000,000 in Certificates of Obligations are for the purpose of funding planned capital improvements projects related to water and sewer utility improvements over the next two to three years including Lake Forest Drive Utility Improvements, Surveyor Pump Station Electrical Upgrades, and Beltway Drive/Belt Line Road Water Main Replacement.

The bonds were issued for 20 years with an interest rate of 3.3768% as well as a $604,277 premium which resulted in a lower issuance principal amount of $12,495,000. After payment of bond issuance costs, the Town will still receive the $13 million needed for these projects. 

Council also approved the issuance of General Obligation Bonds totaling $10,518,000 for the following projects:

• $5,000,000, from the authorized $16,000,000 ($11,000,000 issued to date), from Proposition 1 of the 2012 Bond Election for reconstruction of Midway Road. Council awarded a construction contract to Tiseo Construction on December 8, 2020. The project is currently under construction with an anticipated completion date in Fiscal Year 2024.
• $3,213,000, from the authorized $6,723,000 ($3,510,000 issued to date), from Proposition C of the 2019 Bond Election for parks and recreation improvements and facilities. Council approved a contract for design of Les Lacs pond improvements on June 14, 2022. Design will take approximately 12 months with construction anticipated to begin in the Summer of 2023.
• $2,305,000, from the authorized $7,395,000 ($5,090,000 issued to date), from Proposition D of the 2019 Bond Election for improvements to existing municipal buildings. The funds will be used for phase two of facilities improvements projects which includes roof, HVAC, and ADA improvements at various Town facilities. It is anticipated that all phase one projects will be completed by the end of Fiscal Year 2022.

These bonds were issued for 20 years with an interest rate of 3.3665% as well as a $467,305 premium which resulted in a lower issuance principal amount of $10,140,000. After payment of bond issuance costs, the Town will still receive the $10,518,000 needed for these projects. 

The financial impacts of the General Obligation bond issuance were less than the projections included in the materials provided to the public as part of the 2019 Bond Election process.

Addison is one of only 11 cities in Texas with a AAA with both Moody's and S&P. You can watch Council's bond discussion here.

Council approved a resolution at its June 14 meeting that provides notice of the Town's intent to issue Certificates of Obligation in an amount not to exceed $13,000,000. That amount encompasses the proposed streets, infrastructure, and issuance costs related to the reconstruction of Midway Road and water and sewer utility improvement projects. The resolution also requires that the notice be published in The Dallas Morning News for two consecutive weeks as well as posted on the Town's website for 45 consecutive days. Notices will be posted in The Dallas Morning News on June 20 and June 27.

These Certificates of Obligation will be used for the following purposes:

• On November 13, 2018, the City Council directed the City Manager to pursue issuing Certificates of Obligation to fund a portion of the budgeted $41 million reconstruction of Midway Road. In 2012 voters approved $16 million in funding for this reconstruction project. The Town issued $15,000,000 in Certificates of Obligations in 2019 for the purpose of reconstructing Midway Road with a $10,000,000 issuance of Certificates of Obligations included in this proposed issuance. This will complete the Certificate of Obligation issuances for the Midway Road Project.

• The Town will be issuing $3,000,000 in Certificates of Obligations for the purpose of funding planned capital improvements projects related to water and sewer utility improvements over the next two to three years including: Lake Forest Drive Utility Improvements, Surveyor Pump Station Electrical Upgrades, and Beltway Drive/Belt Line Road Water Main Replacement.

You can watch the Council's certificate of obligation discussion here and read the presentation here

Addison's current utility rate model extends through Fiscal Year (FY) 2023. The Town hired utility rate consultant Raftelis Financial Consultants, Inc. to update and extend the rate model through FY2028. The rate model update was conducted according to the policy adopted by Council in 2018 to include a mix of cash and bond-funded capital projects, to maintain a fund balance of at least 25%, and provide systematic rate increases.

The new plan recommends the following increases over the next five years:

FY2024, FY2025, and FY2026 - 5.5%

FY2027 - 4%

FY2028 - 3.5%

Council will formally adopt the rate model's financial plan for fiscal years 2024-2028 at a future meeting. On an annual basis, staff will review the actual activity compared to the rate model and make rate recommendations to Council during the budget process.

You can watch the Council's utility rate model discussion here and review the presentation here.

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).

At the May 16 City Council Meeting, Chief Financial Officer Steven Glickman shared with Council the Town's proposed 2022 bond issuance program which includes a total issuance in the amount of $23,518,000 consisting of $10,518,000 in General Obligation Bonds and $13,000,000 in Certificates of Obligation.

With rail service slated to begin in 2024 on DART’s new Silver Line, the Town of Addison has initiated a significant mixed-use, transit-oriented development project, in the vicinity of the DART’s Addison Transit Center. To be built on land owned by both Addison and DART, the project represents a major opportunity to leverage the benefits of transit and a superior location to create a unique urban environment to attract jobs and corporations, restaurants and shops, and new residents.  

The project is the culmination of the Town’s years of preparation to expand the urban neighborhood and amenities of Addison Circle and Addison Circle Park through strategic acquisition of land around the DART station and planning efforts such as the Addison Circle Special Area Study, adopted in 2018.

Addison's Popular Annual Financial Report (PAFR) for the Fiscal Year ended September 30, 2021 is hot off the presses. The financial information contained in the PAFR is taken from the financial statements that are a part of Addison’s 2021 Comprehensive Financial Annual Report, but conveyed in a format that is easier to read. In addition to the financial information, the report also includes the Town's history, City Council pillars, year-in-review highlights, and more. Last year's PAFR was the first one created by Addison staff and was recognized by the Government Finance Officers Association with an Award for Achievement in Popular Annual Financial Reporting.

This report is being mailed to all Addison residents, so check your mailbox for your copy.

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 first quarter for Fiscal Year 2022 (October 1, 2021 - December 31, 2021).

At its January 25 meeting, the City Council approved the final change order to the contract with JC Commerical, Inc. for the construction of the U.S. Customs and Border Protection and Airport Administrative facility at Addison Airport. The change order, which totaled $222,681.13, included various costs related to unforeseen site conditions, changes requested by Town staff, and changes requested by the U.S. Customs and Border Protection staff. The final contract price for the construction of the building and parking lot was $6,628,028.80, representing an increase of 6.1% over the original contract price of $6,223,949. The total project budget - including building construction, airside construction, construction management, construction testing, and furniture - was $9,009,967 and included a total project contingency of 7.2%. The current estimated final total project cost is $8,871,170.03, leaving a remaining project contingency of $138,796.97.

At its January 11 meeting, the City Council approved a contract for just under $3 million with Tiseo Paving Company for street paving, bridge installation, water and stormwater infrastructure, landscaping, and the construction of a detention pond associated with the Bella Lane South Extension and Alpha Road Connector Project. This project will extend Bella Lane in Addison through Brookhaven College to Alpha Road in Farmers Branch. The total project budget is $3.68M and is being shared between the Town of Addison ($1.6 million), UDR ($1.6 million), and Farmers Branch ($480,000). Addison's contribution is funded through bonds dedicated to Vitruvian development public infrastructure.

At its January 11 meeting, Council approved the refunding (i.e. refinancing) of the 2012 Certificates of Obligation at a rate of 1.66%. The interest rate will result in debt savings of approximately $68,000 a year, with a Net Present Value savings in excess of $868,000, over the remaining life of the debt.

On December 28, 2021, Moody's Investors Services and S&P Global announced that they are reaffirming Addison's top issuer ratings.

In January of 2021, Addison City Council approved entering into a master agreement for the Major Capital Improvement Program (MCIP) with Dallas County. Dallas County's Commissioners Court approved the agreement in May of 2021. MCIPs are 10-year agreements that allow Dallas County cities to enter into Project Specific Agreements (PSA) with the County to help pay for up to 50% of a transportation project.

As part of the 2019 Bond Election, Addison Voters approved funds in Proposition C (Parks, Open Space, and Recreation Facilities) and Proposition D (Buildings: Existing Municipal Buildings) to be applied towards the renovation of the Addison Athletic Club (AAC).