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Learn about Addison, Texas, including Featured News, Key Projects, and The Team.
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.
The Addison Town Charter requires that Town staff prepare an Annual Comprehensive Financial Report (ACFR) which shows the status of the Town’s finances. The Charter also requires that the Town’s financial statements be audited annually by an independent external auditing firm. The results of the independent external audit are included in the Fiscal Year 2022 ACFR. On February 13, Addison's FORVIS, LLP, an independent firm of licensed certified public accountants, shared with Council that it issued an unmodified opinion, which means that the financial statements are presented, in all material respects, in accordance with applicable financial reporting framework. Simply stated, an unmodified opinion is a clean opinion.
You can watch the Council's ACFR discussion 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 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:
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.
Following the second round of public hearings at its September 13 meeting, the City Council approved the Fiscal Year (FY) 2023 budget and adopted a tax rate of $0.609822 per $100 of valuation which is less than the FY22 tax rate of $0.614660 per $100 valuation
Of the total tax rate, approximately $0.45 is dedicated to maintenance and operations, and approximately $0.16 is dedicated to debt service payments. The debt service portion of the tax rate was anticipated to increase as a result of the planned issuance of General Obligation Bonds that were approved by voters in the 2012 and 2019 Bond Elections. However, the financial impacts of the General Obligation bond issuances this year were less than the projections included in the materials provided to the public as part of the 2019 Bond Election process.
Revenues for all funds total $89,782,283, an increase of $4.79M compared to the FY 2022 budget. Primary revenue sources are property tax ($32.96 million), sales tax ($14.40 million), hotel occupancy tax ($4.80 million), and utility service fees ($15.27 million).
The new budget takes effect on October 1 and includes the following significant items:
The FY 2023 proposed five-year capital improvements budget totals $43.53 million and includes:
You can watch the Council's budget discussion here and read the presentation here. You can watch the Council's tax rate discussion here and read the presentation here.