News Story

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.