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McKinney CDC finance director: April revenue spike driven by debt issuance; sales tax receipts down year-to-date
Summary
Assistant Finance Director Chance Miller told the McKinney CDC that April’s revenue spike was driven by debt issuance recorded under GASB rules, while sales tax receipts showed a year-to-date decline compared with the prior year.
Chance Miller, assistant finance director, briefed the McKinney Community Development Corporation on the CDC’s April financials and broader regional revenue trends.
Miller said the CDC recorded about $32.1 million in revenues for April, largely due to the issuance of debt, which accounting rules under the Governmental Accounting Standards Board (GASB) require the city to record as revenue when issued and to show related expenditures in…
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