News Story

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.