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 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.