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MEDC accepts May 2025 financials showing month revenue of $2.4 million; sales-tax collections linked to March activity
Summary
The McKinney EDC board accepted May 2025 financial statements June 17. Staff reported $2.2 million in sales tax collected for the month (representing March sales), $150,000 in interest income, total monthly revenue of about $2.4 million and total expenses of roughly $760,000.
The McKinney Economic Development Corporation board voted June 17 to accept the May 2025 financial statements.
Chance Miller, assistant finance director, presented the May financials and said the MEDC received $2.2 million in sales tax-related revenue for the month, $150,000 in interest income and smaller miscellaneous receipts tied to the parking garage, bringing total May revenue to about $2.4 million. Expenditures for the month were reported at about $760,000 (operational expenses roughly $358,000; project expenses about $129,000; non-departmental roughly $270,000).
Miller said the sales-tax receipts remitted in May represented March sales activity. He reported comparative results across nearby cities and said McKinney’s year‑to‑date sales-tax growth was 1.8% for the month (but when certain audit collections are accounted for the finance department’s internal measure showed a 5.9% increase versus the prior year). “The money that we collected in May applies to March sales,” Miller said, explaining the lag.
Miller also presented sector breakdowns showing retail trade increasing about 5% year over year and reiterated the finance team’s planning assumption of a conservative 2.5% increase for next year’s budget until summer results are clearer.
After Miller’s presentation the board moved, seconded and approved the financials; the public transcript recorded the motion and that the motion passed by voice vote, but did not list a roll-call tally.
