McKinney Reports $2.3M Revenue with Strong Sales Tax Growth in July

In a recent meeting, the McKinney Community Development Corporation (CDC) reviewed its financial performance for July, revealing a robust revenue stream primarily driven by sales tax. The CDC reported nearly $2.3 million in revenue for the month, with sales tax contributing the largest share. Interest income added approximately $250,000, while miscellaneous revenues accounted for around $30,000.

On the expenditure side, the CDC's operational expenses totaled close to $80,000. Notably, community grants amounted to $273,000, and park construction funding reached $130,000, bringing total expenses for July to $557,000. This financial overview highlights the CDC's commitment to community development through grants and infrastructure projects.

Sales tax figures showed a promising 5.2% increase for July, reflecting a year-to-date growth of 2.8%. This positive trend stands in contrast to neighboring cities, with Allen and Frisco experiencing declines of 4.7% and 4.1%, respectively. Plano, however, reported a significant increase of 12.2%, boosting its year-to-date growth to 7%.

The meeting also touched on the stability of the retail sector, which continues to perform well with a 5% growth rate. Accommodation and food services are also thriving, contributing to the overall economic health of McKinney. Looking ahead, discussions indicated that a previous drag on growth due to administrative support waste remediation is expected to ease, potentially leading to stronger growth in the coming year.

As the CDC continues to monitor these financial trends, the focus remains on leveraging revenue for community enhancement and development projects that directly benefit McKinney residents.