Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
MEDC reports sales-tax growth, innovation-fund activity; board approves June 2025 financials
Loading...
Summary
The McKinney Economic Development Corporation reported 2.5% year-to-date sales-tax growth through June, detailed progress on its innovation fund pipeline and marketing, and voted to approve the June 2025 financial statements.
The McKinney Economic Development Corporation on July 15 received monthly reports showing modest sales-tax growth, rising activity in its innovation fund pipeline and updates on marketing campaigns, and the board voted to approve the June financial statements.
Assistant Finance Director Chance Miller reported that the sales tax collected in June (which applies to April sales) showed a 2.2% monthly increase and a 2.5% year-to-date increase. "Big picture though, we're at 2 and a half percent," Miller said. He noted the board’s budget projection assumed 5% growth and that staff will monitor month-to-month variations.
Miller said the EDC collected a little over $2.1 million in revenue in June, with $336,000 in operational expenses, approximately $15.1 million in project expenses (a transfer to the airport project) and $245,000 in non-departmental expenses; total expenses for June were about $15.68 million.
On innovation and business-development activity, Senior Vice President Michael Talley told the board leads are up and staff have refined Salesforce reporting to break out innovation-fund stages. Talley said the innovation fund had received roughly 145 applications year-to-date and that activity spiked after panel participation at Dallas Startup Week on Aug. 7 (the transcript records a July meeting referencing August events and subsequent application timing).
Marketing and tourism updates came from Visit McKinney and MEDC staff. Marketing manager Luke Gajari said staff plan a new "McKinney in the news" section on the MEDC website to curate press coverage and that Visit McKinney is finalizing a creative campaign with a new agency and photo/video shoots for FY26.
Board action: Mr. Halsey moved to approve the June 2025 financials; Mr. Dennison seconded and the motion passed with the board voting in favor. The minutes for the prior meeting were also approved earlier in the consent agenda (motion recorded as moved by Scott and seconded by Julie; motion passed). The transcript records voice votes with attendees saying "All in favor? Motion passes." No roll-call tallies were provided in the transcript.
Why it matters: sales-tax performance and project transfers affect EDC budgets and available project funding; innovation-fund growth reflects demand for startup support; marketing efforts aim to translate events and attractions into visitor spending.
Follow-up: staff will continue to track sales-tax receipts and pipeline activity, refine reporting, and present budget-related items to Council as required by the public hearing schedule and the upcoming budget adoption process.
