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Second Quarter Fiscal Year 2023 Update

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May 30, 2023


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.

FY2023 2nd Quarter Financial Review

Second Quarter Fiscal Year 2023 Update