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MCDC finance report: August sales tax $2.2M; debt service drives month’s major expenditures
Summary
Assistant Finance Director Chance Miller reported August revenues of about $2.5 million for the McKinney Community Development Corporation, driven by roughly $2.2 million in sales tax receipts; the board discussed presentation clarity and budget timing as the fiscal year closed.
Assistant Finance Director Chance Miller presented the MCDC financial report for August, the 11th month of the fiscal year, reporting approximately $2.2 million in sales tax receipts for the month, interest income near $260,000 and roughly $30,000 in miscellaneous revenues. He summarized total revenues for August as about $2.5 million.
Miller told the board major August expenditures included approximately $65,000 in operational expenses, $260,000 in project expenses and about $1.9 million classified as non-departmental — primarily debt-service payments made in August. Miller said the sales tax receipts reported in August reflect activity for the month of June.
On year-to-date comparisons, Miller said the jurisdiction’s sales tax growth is about 2.7%. He noted Plano’s year-to-date increase of about 9.2% and said Plano’s gain likely reflects a new business coming online; other nearby cities reported smaller increases. By industry, retail trade accounted for roughly 4% (steady), accommodation and food services about 8%, and construction had weakened for several months.
“Total revenues for the month of August is 2,500,000,” Miller said in his presentation, and he answered board questions about timing and accounting conventions used in the monthly report.
Board members recommended clearer month-by-month presentation formats for the coming fiscal year. One board member observed that budgeting for a major bond issuance earlier in the year is currently spread across months and can give a misleading monthly variance; the committee discussed options for showing budgeted bond proceeds and the timing of related expenditures more transparently so monthly variance is easier to interpret.
Miller said staff and the board have “about six days until we start the new fiscal year,” and he encouraged staff to prepare purchase orders and other fiscal-year transition items. The board had no substantive objections to the underlying numbers presented and thanked Miller for the report.
