CFO Delivers Second Quarter of Fiscal Year 2025

Published on June 02, 2025

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 May 27 meeting covered the financial performance for the second quarter of Fiscal Year 2025 (January 1, 2025 - March 31, 2025). Some key highlights included:

• General Fund revenue totaled $38.9 million, which is 77.4 percent of the fiscal year budget.
• General Fund expenditures totaled $23.9 million, which is 47.6 percent of the fiscal year budget.
• Sales tax collections totaled $8.9 million, which is 55.0 percent of the fiscal year budget.
• The Hotel Fund had revenue of $2.8 million, a decrease of $171 thousand from this time a year ago. Hotel Fund expenditures totaled $2.1 million. 
• Addison Theatre Centre expenditures are at 50.7 percent due to the payment of the WaterTower Theatre grant.
• Special Events revenues totaled 12.3 percent and expenses totaled 10.1 percent of the fiscal year budget due to the timing of events. 
• Utility Fund operating revenue totaled $8.3 million or 47.8 percent and expenditures totaled $8.7 million or 49.6 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 the 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.