Steven Glickman,
Chief Financial Officer
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Unique amenities, innovative developments, nationally acclaimed events, internationally recognized brands, and more restaurants per capita than any city in the U.S., Addison is the destination in North Texas for fast-paced business and world-class fun!
A great place to start a business, start your career or start a family, Addison is DFW’s ideal destination to live, work and play. Designed with entrepreneurial innovation and driven by community spirit, our unique 4.4-square mile urban enclave boasts 180+ restaurants, 22 hotels, upscale living, unique retail shops and more than 12 million square feet of office space.
Addison combines the energy, vibrancy, entertainment and commerce of a large city with small town sensibilities, creating an easy-to-use, friendly and accessible environment. Our progressive growth is engineered to support and promote your personal and professional progress.
Public Works and Engineering Director Shannon Hicks provided Council with an update on the department's key operations, capital improvement projects, and bond projects for Fiscal Year 2024 at the January 9 City Council meeting. Some of the highlights of the presentation included:
You can watch the Council's Public Works discussion here and read the presentation here.
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:
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.
At the September 26 City Council meeting, Chief Financial Officer Steven Glickman presented Council with the second amendment to the Fiscal Year (FY) 2023 budget. Each year, Finance staff reviews the budget to determine which items should be recognized with formal budget amendments. When budget variances occur that are outside of the authority of the City Manager, these adjustments are presented to the Council in the form of a budget amendment. The FY2023 budget was adopted by Council on September 12, 2022. This is the second amendment to the FY2023 Town of Addison annual budget.
The major General Fund items highlighted in the amendment totaled $741,000 but were offset by an equal increase in sales tax. These included transfers to the Facility Maintenance Fund, personnel costs in the General Services and Finance Departments, street maintenance, and replacement of a damaged bus shelter.
Additionally, the amendment authorized the City Manager to transfer unexpended appropriations and excess revenue from the FY2023 budget to the FY2024 Self-Funded Special Projects Fund. It also allocated funds from the prior year's Self-Funded Special Projects Fund encumbrances for several projects including new fire station bay door grill gates, Wheeler Bridge painting, and the Vitruvian Park Fitness Court.
A Utility Fund appropriation of $250,000 was approved to provide funding for higher than anticipated wholesale water purchases due to a hotter and dryer spring and summer than anticipated. These additional appropriations were offset by corresponding increased water sales revenue, resulting in a net impact to the Utility Fund of $0.