About

News & Events

Learn about the latest News & Events for Addison, Texas, and sign up to receive news updates.

Upcoming Events

No upcoming events. Add this issuer to your watchlist to get alerts about important updates.

News & Press Releases

May 30, 2023

News
Second Quarter Fiscal Year 2023 Update

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 herereview the presentation here, and read the Financial Report here.

Read Article

May 30, 2023

News
Council Discusses 2023 Bond Issuance Program

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.

Read Article

March 13, 2023

News
First Quarter Fiscal Year 2023 Update

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 herereview the presentation here, and read the Financial Report here.

Read Article

February 20, 2023

News
Council Accepts Fiscal Year 2022 ACFR Report

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.

Read Article

November 21, 2022

News
Council Receives Quarterly Financial Report for the Fourth Quarter of Fiscal Year 2022

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: 

  • General Fund revenue totaled $43.98 million, which is 105.3 percent of the fiscal year budget.
  • General Fund expenditures totaled $40.26 million, which is 96.4 percent of the fiscal year budget.
  • Sales tax collections totaled $16.00 million, which is 108.7 percent of the fiscal year budget.
  • The Hotel Fund had revenue of $7.25 million, an increase of $2.97 million from this time a year ago, and expenditures of $5.49 million.
  • Performing Arts expenditures are at 100% percent due to the full payment of the WaterTower Theatre grant.
  • Special Events revenues totaled 71.3 percent, and expenses totaled 82.4 percent of the fiscal year budget. 
  • Airport Fund operating revenue totaled $7.54 million or 106.7 percent, and operating expenditures totaled $4.84 million, or 93.0%.
  • Utility Fund operating revenue totaled $15.68 million or 105.6 percent, and operating expenditures totaled $14.19 million, or 94.1%.
  • 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 herereview the presentation here, and read the Financial Report here.

Read Article

September 20, 2022

News
Council Approves Fiscal Year 2023 Budget and Tax Rate

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:

  • $500,000 funding for the creation of an Other Post-Employment Benefits (OPEB) trust.
  • $347,000 for Fire facility maintenance.
  • $82,000 for facility lightning protection.
  • $300,000 to utilize available Texas Ambulance Services Supplemental Payment Program (TASSPP) funds.
  • $110,000 for the painting of Wheeler Bridge.
  • $223,000 for Beltway Trail and Greenspace construction documents.
  • $55,280 for Beckert Park light bollard replacement and electrical improvements.
  • $260,000 to purchase chipper equipment for the Parks department.
  • $132,500 for a Park Land Dedication & Development fee study.
  • $192,459 for Addison Athletic Club fitness wing wall treatments.

The FY 2023 proposed five-year capital improvements budget totals $43.53 million and includes:

  • Midway Road Reconstruction ($10.38 million)
  • Vitruvian West Streetscape and Bella Lane Extension ($2.25 million)
  • Improvements to Existing Buildings ($2.58 million)
  • Keller Springs Reconstruction ($10.20 million)
  • Les Lacs Pond Improvements ($1.27 million)
  • Vitruvian Park Phase 9, Block 701 Improvements ($0.84 million)
  • Quorum Drive Reconstructions ($0.75 million)
  • Traffic Signal and ADA Improvements ($1.4 million)
  • Lake Forest Drive Utility Improvements ($0.87 million)
  • Rawhide Creek Basin Improvements - Les Lacs Area ($2.01 million)
  • Bravo/Golf Taxiway Improvements ($5.84 million)
  • Reconstruction of Jimmy Doolittle Drive ($1.55 million)

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.

Read Article

August 26, 2022

News
Council Receives Quarterly Financial Report for the Third Quarter of Fiscal Year 2022

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 August 23 meeting covered the financial performance for the third quarter of Fiscal Year 2022 (April 1, 2022 - June 30, 2022). The financial report includes information for the following funds: General, Hotel, Economic Development, Airport, Utility, and Stormwater.

Key highlights for the third quarter include: 

  • General Fund revenue totaled $37.9 million, which is 93.1 percent of the fiscal year budget.
  • General Fund expenditures totaled $28.2 million, which is 69.1 percent of the fiscal year budget.
  • Sales tax collections totaled $11.9 million, which is 87.1 percent of the fiscal year budget.
  • The Hotel Fund had revenue of $3.8 million, an increase of $1.9 million from this time a year ago, and expenditures of $3.1 million.
  • Performing Arts expenditures are at 100% percent due to the full payment of the WaterTower Theatre grant.
  • Special Events revenues totaled 50.7 percent, and expenses totaled 37.9 percent of the fiscal year budget due to the timing of events. 
  • Airport Fund operating revenue totaled $5.0 million or 70.9 percent, and operating expenditures totaled $3.3 million, or 63.0%.
  • Utility Fund operating revenue totaled $10.8 million or 75.0 percent, and operating expenditures totaled $10.5 million, or 71.3%.
  • Stormwater Fund revenue and expenditures are in line with historical averages. 

The Third 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 herereview the presentation here, and read the Financial Report here.

Read Article

August 14, 2022

News
AMLI Multi-Use Development Approved for Office in the Park

At its August 9 meeting, the Council approved a rezoning request from AMLI for a 13.78+/- acre property located on the west side of Midway Road, approximately 1,000 feet south of Beltway Drive and immediately north of the Redding Trail Dog Park to allow for a multi-use development that includes:

  • 4- and 5-story multifamily buildings with 367 multifamily dwelling units and 4 live / work units, and 7,000 SF of ground floor retail / office / co-working / restaurant space
  • 3-story multifamily building with 34 units
  • 30 3-story fee simple townhomes
  • 14 3-story rental townhomes

The project includes the dedication of three acres of public open space, 1.93 acres of landscape area, implementation of a 10’ trail at the western boundary that connects to the Midway Road trail, and a 100-foot buffer for a residential transition zone. AMLI has committed to donating $100,000 toward improvements to the Redding Trail dog park and will install shade coverings, water fountains, and seating. They have also committed to donating $150,000 to the Addison Arbor Foundation for public art in the project area.

The estimated value of the project is $170 million.

You can watch the Council's AMLI discussion here and read the presentation here.

Read Article

August 12, 2022

News
Council Authorizes Issuance of Bonds

At its August 9 meeting, the Council passed two Resolutions authorizing the issuance of bonds for proposed streets, infrastructure, parks, and building updates. Council approved the sale of $13 million of Certificates of Obligation to be used for the following purposes:

  •  On November 13, 2018, the City Council directed the City Manager to pursue issuing Certificates of Obligation to fund a portion of the budgeted $41 million reconstruction of Midway Road. In 2012 voters approved $16 million in funding for this reconstruction project. The Town issued $15,000,000 in Certificates of Obligations in 2019 for the purpose of reconstructing Midway Road with a $10,000,000 in Certificates of Obligations included in this issuance. This will complete the Certificate of Obligation issuances for the Midway Road Project.
  • $3,000,000 in Certificates of Obligations are for the purpose of funding planned capital improvements projects related to water and sewer utility improvements over the next two to three years including Lake Forest Drive Utility Improvements, Surveyor Pump Station Electrical Upgrades, and Beltway Drive/Belt Line Road Water Main Replacement.

The bonds were issued for 20 years with an interest rate of 3.3768% as well as a $604,277 premium which resulted in a lower issuance principal amount of $12,495,000. After payment of bond issuance costs, the Town will still receive the $13 million needed for these projects. 

Council also approved the issuance of General Obligation Bonds totaling $10,518,000 for the following projects:

  • $5,000,000, from the authorized $16,000,000 ($11,000,000 issued to date), from Proposition 1 of the 2012 Bond Election for reconstruction of Midway Road. Council awarded a construction contract to Tiseo Construction on December 8, 2020. The project is currently under construction with an anticipated completion date in Fiscal Year 2024.
  • $3,213,000, from the authorized $6,723,000 ($3,510,000 issued to date), from Proposition C of the 2019 Bond Election for parks and recreation improvements and facilities. Council approved a contract for design of Les Lacs pond improvements on June 14, 2022. Design will take approximately 12 months with construction anticipated to begin in the Summer of 2023.
  • $2,305,000, from the authorized $7,395,000 ($5,090,000 issued to date), from Proposition D of the 2019 Bond Election for improvements to existing municipal buildings. The funds will be used for phase two of facilities improvements projects which includes roof, HVAC, and ADA improvements at various Town facilities. It is anticipated that all phase one projects will be completed by the end of Fiscal Year 2022.

These bonds were issued for 20 years with an interest rate of 3.3665% as well as a $467,305 premium which resulted in a lower issuance principal amount of $10,140,000. After payment of bond issuance costs, the Town will still receive the $10,518,000 needed for these projects. 

The financial impacts of the General Obligation bond issuance were less than the projections included in the materials provided to the public as part of the 2019 Bond Election process.

Addison is one of only 11 cities in Texas with a AAA with both Moody's and S&P. You can watch Council's bond discussion here.

Read Article

June 20, 2022

News
Council Officially Provides Notice of Intent to Issue Certificates of Obligation

Council approved a resolution at its June 14 meeting that provides notice of the Town's intent to issue Certificates of Obligation in an amount not to exceed $13,000,000. That amount encompasses the proposed streets, infrastructure, and issuance costs related to the reconstruction of Midway Road and water and sewer utility improvement projects. The resolution also requires that the notice be published in The Dallas Morning News for two consecutive weeks as well as posted on the Town's website for 45 consecutive days. Notices will be posted in The Dallas Morning News on June 20 and June 27.

These Certificates of Obligation will be used for the following purposes:

  • On November 13, 2018, the City Council directed the City Manager to pursue issuing Certificates of Obligation to fund a portion of the budgeted $41 million reconstruction of Midway Road. In 2012 voters approved $16 million in funding for this reconstruction project. The Town issued $15,000,000 in Certificates of Obligations in 2019 for the purpose of reconstructing Midway Road with a $10,000,000 issuance of Certificates of Obligations included in this proposed issuance. This will complete the Certificate of Obligation issuances for the Midway Road Project.

  • The Town will be issuing $3,000,000 in Certificates of Obligations for the purpose of funding planned capital improvements projects related to water and sewer utility improvements over the next two to three years including: Lake Forest Drive Utility Improvements, Surveyor Pump Station Electrical Upgrades, and Beltway Drive/Belt Line Road Water Main Replacement.

You can watch the Council's certificate of obligation discussion here and read the presentation here

Read Article

June 20, 2022

News
Council Reviews Utility Rate Model Update

Addison's current utility rate model extends through Fiscal Year (FY) 2023. The Town hired utility rate consultant Raftelis Financial Consultants, Inc. to update and extend the rate model through FY2028. The rate model update was conducted according to the policy adopted by Council in 2018 to include a mix of cash and bond-funded capital projects, to maintain a fund balance of at least 25%, and provide systematic rate increases.

The new plan recommends the following increases over the next five years:

FY2024, FY2025, and FY2026 - 5.5%

FY2027 - 4%

FY2028 - 3.5%

Council will formally adopt the rate model's financial plan for fiscal years 2024-2028 at a future meeting. On an annual basis, staff will review the actual activity compared to the rate model and make rate recommendations to Council during the budget process.

You can watch the Council's utility rate model discussion here and review the presentation here.

Read Article

May 20, 2022

News
Second Quarter Financial Report for Fiscal Year 2022

The Town of Addison's financial policies require the publication of a financial report 60 days subsequent to the end of each fiscal quarter.  Addison Chief Financial Officer Steven Glickman presented Council with the report covering the financial performance for the second quarter for Fiscal Year 2022 (January 1, 2022 - March 31, 2022).

Read Article

May 20, 2022

News
Proposed Bond Issuance Program for Fiscal Year 2022

At the May 16 City Council Meeting, Chief Financial Officer Steven Glickman shared with Council the Town's proposed 2022 bond issuance program which includes a total issuance in the amount of $23,518,000 consisting of $10,518,000 in General Obligation Bonds and $13,000,000 in Certificates of Obligation.

Read Article

April 15, 2022

News
City Council Approves Memorandum of Understanding with AMLI Residential/Stream Realty Partners for Addison Circle Transit-Oriented Development

With rail service slated to begin in 2024 on DART’s new Silver Line, the Town of Addison has initiated a significant mixed-use, transit-oriented development project, in the vicinity of the DART’s Addison Transit Center. To be built on land owned by both Addison and DART, the project represents a major opportunity to leverage the benefits of transit and a superior location to create a unique urban environment to attract jobs and corporations, restaurants and shops, and new residents.  

The project is the culmination of the Town’s years of preparation to expand the urban neighborhood and amenities of Addison Circle and Addison Circle Park through strategic acquisition of land around the DART station and planning efforts such as the Addison Circle Special Area Study, adopted in 2018.

Read Article

April 15, 2022

News
New Popular Financial Report Now Available

Addison's Popular Annual Financial Report (PAFR) for the Fiscal Year ended September 30, 2021 is hot off the presses. The financial information contained in the PAFR is taken from the financial statements that are a part of Addison’s 2021 Comprehensive Financial Annual Report, but conveyed in a format that is easier to read. In addition to the financial information, the report also includes the Town's history, City Council pillars, year-in-review highlights, and more. Last year's PAFR was the first one created by Addison staff and was recognized by the Government Finance Officers Association with an Award for Achievement in Popular Annual Financial Reporting.

This report is being mailed to all Addison residents, so check your mailbox for your copy.

Read Article

March 25, 2022

News
Finance Department Delivers First Quarter Financial Report

The Town of Addison's financial policies require the publication of a financial report 60 days subsequent to the end of each fiscal quarter. Addison CFO Steven Glickman presented Council with the report covering the financial performance through the first quarter for Fiscal Year 2022 (October 1, 2021 - December 31, 2021).

Read Article

February 1, 2022

News
U.S. Customs/Airport Offices Building Completed Within Budget

At its January 25 meeting, the City Council approved the final change order to the contract with JC Commerical, Inc. for the construction of the U.S. Customs and Border Protection and Airport Administrative facility at Addison Airport. The change order, which totaled $222,681.13, included various costs related to unforeseen site conditions, changes requested by Town staff, and changes requested by the U.S. Customs and Border Protection staff. The final contract price for the construction of the building and parking lot was $6,628,028.80, representing an increase of 6.1% over the original contract price of $6,223,949. The total project budget - including building construction, airside construction, construction management, construction testing, and furniture - was $9,009,967 and included a total project contingency of 7.2%. The current estimated final total project cost is $8,871,170.03, leaving a remaining project contingency of $138,796.97.

Read Article

January 15, 2022

News
Bella Lane Construction Contract Approved

At its January 11 meeting, the City Council approved a contract for just under $3 million with Tiseo Paving Company for street paving, bridge installation, water and stormwater infrastructure, landscaping, and the construction of a detention pond associated with the Bella Lane South Extension and Alpha Road Connector Project. This project will extend Bella Lane in Addison through Brookhaven College to Alpha Road in Farmers Branch. The total project budget is $3.68M and is being shared between the Town of Addison ($1.6 million), UDR ($1.6 million), and Farmers Branch ($480,000). Addison's contribution is funded through bonds dedicated to Vitruvian development public infrastructure.

Read Article

January 14, 2022

News
Council Refinances Certificates of Obligation

At its January 11 meeting, Council approved the refunding (i.e. refinancing) of the 2012 Certificates of Obligation at a rate of 1.66%. The interest rate will result in debt savings of approximately $68,000 a year, with a Net Present Value savings in excess of $868,000, over the remaining life of the debt.

Read Article

January 7, 2022

News
Rating Agencies Confirm Addison's Top Ratings

On December 28, 2021, Moody's Investors Services and S&P Global announced that they are reaffirming Addison's top issuer ratings.

Read Article

November 16, 2021

News
Dallas County Agreement Funds $4 Million Toward Keller Springs Road Reconstruction

In January of 2021, Addison City Council approved entering into a master agreement for the Major Capital Improvement Program (MCIP) with Dallas County. Dallas County's Commissioners Court approved the agreement in May of 2021. MCIPs are 10-year agreements that allow Dallas County cities to enter into Project Specific Agreements (PSA) with the County to help pay for up to 50% of a transportation project.

Read Article

October 18, 2021

News
Northridge Construction Group Awarded Construction Contract for Athletic Club Improvements

As part of the 2019 Bond Election, Addison Voters approved funds in Proposition C (Parks, Open Space, and Recreation Facilities) and Proposition D (Buildings: Existing Municipal Buildings) to be applied towards the renovation of the Addison Athletic Club (AAC).

Read Article