McKinney reports $2.8M February revenue driven by sales tax growth

In a recent meeting of the McKinney Community Development Corporation, officials reviewed the financial performance for February 2025, highlighting significant sales tax revenue and expenditures. The city collected nearly $2.6 million in sales tax revenue, alongside $210,000 in interest income and $24,000 from other sources, bringing total revenues for the month to approximately $2.8 million.

Expenditures for February totaled $508,000, which included $43,000 in operational expenses, $395,000 primarily for park construction projects, and $69,000 for non-departmental costs, mainly related to debt service payments. This financial overview indicates a healthy revenue stream, particularly bolstered by a strong December, which is traditionally the city’s peak sales month.

The meeting also addressed year-to-date sales tax collections, which have increased by 4.7%. Notably, retail trade has risen by 8%, suggesting a positive trend in consumer spending. However, officials acknowledged the fluctuations typical in the early months of the year and emphasized the need for ongoing monitoring due to economic uncertainties.

Discussion also touched on neighboring cities, with Allen reporting a 14.8% increase in sales tax revenue, while Frisco saw an 8.2% rise. In contrast, Plano experienced a decline, although this was attributed to previous audit collections that skewed their figures.

As the meeting concluded, officials expressed optimism about McKinney's financial trajectory while remaining vigilant about economic changes that could impact future revenues. The community can expect continued updates as the city navigates these financial dynamics in the coming months.