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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.