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 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.