[{"_1":2,"_85":-5,"_86":-5},"loaderData",{"_3":4,"_25":26},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","routes/v2/article/layout",{"_27":28,"_29":30},"notFound",true,"relatedArticles",[31,74],{"_32":33,"_34":35,"_36":37,"_38":39,"_40":41,"_42":43,"_44":45,"_46":47,"_48":49,"_50":51,"_52":53,"_54":55,"_56":57,"_58":59,"_60":61,"_62":63,"_64":65,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},"mediaId",6641989,"mediaKeyId","3409795-5d5bc76ecb4e90280e095eefce2bdbaa","parentId",3409795,"title","MEDC reviews financials and sales-tax trends as staff readies budget projections","audioSeconds",411,"startMs",1539000,"endMs",1950000,"viewUrl","/Search/View?dp=1&key=3409795-5d5bc76ecb4e90280e095eefce2bdbaa&start=1539&end=1950","thumbnailUrl","https://assets.pipeline.soar.com/3409795-5d5bc76ecb4e90280e095eefce2bdbaa/thumbnail_1539000.jpg","articleUrl","/articles/6641989/McKinney/Collin-County/Texas/MEDC-reviews-financials-and-sales-tax-trends-as-staff-readies-budget-projections","mediaUrl","https://secure.pipeline.soar.com/6641989-90d62118c785524b2bb119fd1b33dc70/orig.mp4?Expires=1770064191&Signature=fNGUlVhF5AdN6e~Cs6w7ek8wd~x4ia26vbn-6NJOACvfvqbmALjZltpBsDnAuIsfl2LT0ZtwvYAB79WaJWvSkNxc7EXhc3Zm6gUj-fCJP9nEkooQNJ9YrgCYGNXU0TDhfMYhYKiGJRelEvi3DSTZpTft4kxHMEqPJ8LrpzC6MM8~39pWCa3faQKBHmqf1hyTkn-wv10-lQ0eatCBolleE2GchYQTzfy3jJQt~c~LKVsxsprmT9bQ7UkuogeISe6t6wJhteoF7lhNBAtMTW3jJ0Aoqduce4qdskBzVYjeXrszj9BTJ3AX8IOalHNHE2YsvJGI1iiYsautnxRyOOy0zg__&Key-Pair-Id=KUT5TJCACFTXG","author","McKinney","date","2025-05-20T00:00:00Z","article","The McKinney Economic Development Corporation received a detailed presentation of February, March and April 2025 financial reports at its May 20 meeting and discussed sales-tax performance and forecasting ahead of the summer budget season.

Why it matters: Sales tax is a primary revenue source for city services and economic development programs; the board considered recent monthly volatility and asked staff to model multiple revenue scenarios for the upcoming budget process.

What staff reported: Chance Miller, assistant finance director, presented the three monthly financials. He reported February revenue collections of $2,700,000 with total expenses of about $410,000 for the month. For March, staff reported $1,800,000 in revenue and higher expenditures resulting from a land purchase: \"we had $42,200,000 that was when we purchased the land back in March,\" Miller said, and total March expenses were reported at about $43,100,000.

Miller explained April reporting included debt issuance accounting under Governmental Accounting Standards Board (GASB) rules: \"this is when the debt issuances went through so you'll see $63,200,000 coming in the way that we are required to report according to GASB,\" he said, and noted associated bond issuance costs increased non-departmental expenses for the month.

Sales tax trends and budget projections: Miller walked the board through month-to-month sales-tax variances tied to collection timing and Comptroller allocations. He said the February sales-tax report (applied to December receipts) showed a 12.7% increase that brought year-to-date growth to 4.7%. The March report (applied to January receipts) showed a 1% decrease for McKinney, while April (applied to February receipts) reflected a 5.4% decrease; Miller said the city was monitoring a 2.7% year-to-date increase relative to the budget target of 5%.

Miller and board members flagged an audit reallocation affecting one large taxpayer: an administrative/waste-management firm previously allocated to McKinney had its sales tax allocated to a different jurisdiction for prior years, producing an apparent drop of about $888,000 in city receipts once the Comptroller reallocated those amounts. Miller explained this reallocation made year-to-date comparisons appear weaker but that trend adjustments should exclude the reallocated amount when appropriate.

Board direction: The board discussed forecasting and asked staff to present multiple budget scenarios for the summer budget process. Miller said staff had already reduced growth assumptions in internal planning and would present planning scenarios (2.5% growth, flat, and decline) to the finance committee and then to the full council ahead of the August presentation and September budget adoption.

Ending: The board approved the three months of financial reports as part of a single motion later in the meeting and asked staff to continue refining revenue projections through the summer budget timeline.","mediaType","Video","parentTitle","McKinney - McKinney Economic Development Corporation - May 20, 2025","oneSentenceSummary","Staff presented February, March and April 2025 financial reports showing mixed receipts and a sharp bond issuance in April; the board discussed sales-tax variances and directed staff to prepare budget scenarios.","taxTitle","McKinney, Collin County, Texas","taxId",2778,"location","headline","","shortSummary",{"_32":75,"_34":35,"_36":37,"_38":76,"_40":77,"_42":78,"_44":78,"_46":79,"_48":80,"_50":81,"_52":82,"_54":55,"_56":57,"_58":83,"_60":61,"_62":63,"_64":84,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},6641994,"MEDC approves two development agreements after executive session; board adopts minutes and three months of financials",0,2283000,"/Search/View?dp=1&key=3409795-5d5bc76ecb4e90280e095eefce2bdbaa&start=2283&end=2283","https://assets.pipeline.soar.com/3409795-5d5bc76ecb4e90280e095eefce2bdbaa/thumbnail_2283000.jpg","/articles/6641994/McKinney/Collin-County/Texas/MEDC-approves-two-development-agreements-after-executive-session-board-adopts-minutes-and-three-months-of-financials","https://secure.pipeline.soar.com/6641994-d13810ac906d0c49e107e2442bae2747/orig.mp4?Expires=1770064191&Signature=TGfB4XRHdNcZeg0M5bx6qVAZmnxXJ~WVxMHRwsx5DGHv0a8VYfH7muo21vy7fljjQ9KLcuDej83Y4AJgFLN2TQmsOx~pixzs553CmkwtAx8E~2N2i1VeyHeslQSQsfZi1dN9fsst51J898jGN8PwludI7dZIonR6izx5ihIzZfvyyDoRhMtgh6fnS-I0SG~isboXamQ4H~IyDa-1K5O4JzcS8i2al5ymw2TAdZ7nLgYefy2rF-19cCC7sMcpxWEj9z~UyT01bP0JX76X0~aGp6D40xf482UrnAE-fABE89vrGSavVc66quDXD55mFT7yS1QCJQbnfXFt1gDr8TT6BQ__&Key-Pair-Id=KUT5TJCACFTXG","The McKinney Economic Development Corporation voted May 20 to approve two development agreements discussed during an executive session and, earlier in the meeting, unanimously approved minutes and the financial reports for February, March and April 2025.

The actions followed the board's return from an executive session at about 9:23 a.m. \"It is 09:23 here at the wonderful council chambers, and we're back from executive session. And we do have some action items that we need to, get motions on,\" the presiding officer said. The board then took separate motions to approve development agreements for Project Mirage and Project Mathes.

Why it matters: The approvals move two economic-development projects further along the implementation path; the agreements were discussed in closed session under the Texas Government Code on economic development matters, and the board recorded formal approval on the public docket.

The board recorded the following formal actions during the meeting:

- Approval of minutes (consent): The board moved and approved three sets of minutes from prior joint and MEDC meetings. The chair called for approval of the consent items and a motion was made \"to approve all 3 minutes.\" The board voted and the chair announced the motion was approved.

- Approval of February, March and April 2025 financial reports: After staff presented the three months of financial reports, a board member made a motion to approve all three months; another member seconded, and the board cast unanimous recorded votes in favor.

- Approval of development agreements for Project Mirage: After executive-session deliberations, a board member moved \"we approve the 2 development agreements as discussed during the executive session.\" The motion was seconded and the chair announced the vote passed with unanimous affirmative votes.

- Approval of development agreement for Project Mathes: Following discussion, a motion to approve the Project Mathes development agreement was made, seconded and also recorded as passing unanimously.

Votes and tallies: The meeting transcript repeatedly records the roll as \"greens all around\" and the chair's announcement that items passed. Specific yes/no vote counts and individual vote records were not provided in the public transcript; the board announced unanimous approval for the listed items.

What the board said on the record: The motion language for Project Mirage appeared on the public record as \"I make a motion we approve the 2 development agreements as discussed during the executive session.\" For Project Mathes the motion was recorded on the public record as \"I'll make a motion to approve.\" The board announced both motions passed after the votes were registered.

Next steps and notes: Because these agreements were discussed in executive session under the Texas Government Code sections cited during the meeting, details discussed in closed session were not read into the public record beyond the motions to approve. The public agenda item listings named the projects as \"Project Mirage\" and \"Project Matheson/Mathes\" (transcript spelling varies).

Ending: The board completed its remaining business and adjourned after recording the approvals, with the chair announcing \"We are adjourned.\"","At its May 20 meeting in the McKinney council chambers, the McKinney Economic Development Corporation approved two development agreements discussed in executive session and unanimously approved minutes and financial reports for February, March and April 2025.","actionData","errors"]

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MEDC reviews financials and sales-tax trends as staff readies budget projections

MEDC approves two development agreements after executive session; board adopts minutes and three months of financials