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Argyle MDD reports year-to-date sales-tax receipts of $362,000; incentives spending remains low pending payouts
Summary
At the May 1 meeting the Municipal Development District’s finance update showed year-to-date sales-tax receipts of $362,000, expenditures at roughly $180,000 and a likely large incentive payout later in the fiscal year.
Marissa (Finance Director) reviewed the Municipal Development District’s quarter‑2 financials at the board’s May 1 meeting, reporting year‑to‑date sales tax collections of $362,000 and expenditures near $180,000.
Marissa said the $362,000 total is about 63% of the annual projection and, she said, is roughly 20% ahead of the projection pacing the MDD used. She attributed lower expenditures so far (about 33% of projected spending) primarily to a vacant salary line. Board members were told to expect a sizeable payout if Little Joe’s meets the terms of its incentive agreement; Marissa said the Little Joe’s economic incentive payout (about $100,000) could be recorded in quarter 3 or quarter 4, or carried into next year’s budget if not completed by September.
The finance report also listed incentive activity: FAC Aesthetics received a payout in March; no incentive payouts were made in April. The director told the board staff will transfer budgeted salary support from the MDD to the general fund in quarter 4 to cover part of a town position that was included in the MDD budget but not yet paid.
Why it matters: The report frames available MDD funds for incentives and helps set expectations for the board’s upcoming budget workshop. Board members said they will discuss next year’s budget levels, allocation for incentives and whether to create a dedicated MDD staff role during upcoming budget hearings.
No board action was taken on the financial report itself; the report will inform a scheduled MDD budget workshop next month.
