Addison presents FY2025 third-quarter financials; council hears proposed FY2026 budget and tax-rate preview

Town finance staff briefed the Addison City Council on Sept. 2 on the town's FY2025 third-quarter financial results and presented the proposed FY2026 budget and tax-rate preview during two public hearings.

Steve Litton and Stephen Glickman, finance staff, said the third-quarter report covered Oct. 1, 2024, through June 30, 2025. Litton noted the town is 75% through its fiscal year and that hotel-occupancy-tax receipts are running a bit below expectations for the year-to-date period while other revenue sources were generally in line. "We anticipated that getting kicked off a little bit earlier, in this fiscal year," Litton said of a timing issue affecting hotel tax receipts.

Key finance figures presented to council included total general fund revenue projected at $52,347,000 and operating expenditures at the same figure, leaving a projected fund balance near $21,000,000 or roughly 40.2% of operating expenditures. Staff said the third-quarter permit total was nearly 1,000 permits with a permit valuation around $65,000,000 year-to-date. Sales tax receipts were up about 4% from the comparable quarter last year, and revenue per available hotel room was about $75'$76 with…