News Story

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 February 27 meeting covered the financial performance for the first quarter for Fiscal Year 2024 (October 1, 2023 - December 31, 2023).  Some key highlights included:

• General Fund revenue totaled $11.8 million, which is 24.6 percent of the fiscal year budget.
• General Fund expenditures totaled $12.2 million, which is 25.4 percent of the fiscal year budget.
• Sales tax collections totaled $4.2 million, which is 27.5 percent of the fiscal year budget.
• The Hotel Fund had revenue of $1.5 million, an increase of $52 thousand from this time a year ago. Hotel Fund expenditures totaled $955 thousand. 
• Performing Arts expenditures are at 60.1 percent due to the payment of the WaterTower Theatre grant.
• Special Events revenues totaled 16.7 percent and expenses totaled 1.4 percent of the fiscal year budget due to the timing of events. 
• Airport Fund operating revenue totaled $1.9 million or 26.0 percent and operating expenditures totaled $1.1 million or 17.7 percent of the fiscal year budget.
• Utility Fund operating revenue totaled $4.2 million or 25.9 percent and expenditures totaled $3.0 million or 18.3 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.