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Argyle MDD hears financial update; staff reports sales-tax uptick and $147,500 in incentive grants to date
Summary
Staff reported a sales-tax increase for the recent quarter and that the MDD has spent $147,500 on economic incentive grants year-to-date, and that an additional $100,000 reimbursement remains outstanding for a restaurant expansion.
Argyle Municipal Development District staff presented a financial update showing a recent uptick in sales tax revenue and a year-to-date contracted-services spend that includes $147,500 in economic incentive grants.
Harrison, the MDD staff presenter, said the sales-tax increase in the second quarter included a one-time windfall from a business that staff would not publicly identify. He said the MDD is using a sales-tax reporting service (referred to in the meeting as ZAC Tax) to track receipts and subdivision of categories by industry.
The staff report identified $147,500 in economic incentive grants year-to-date: $100,000 for Cactus Canyon, $40,000 for Dr. Bitter / Stable Veterinary Supply (Town Center concept) and $7,500 for FAC Aesthetics in the Slate building off FM 407. Harrison said the MDD had distributed the payments for the Town Center projects and that the $100,000 for Little Joe’s expansion remains earmarked and pending reimbursement when construction receipts are submitted.
Contracted services were reported year-to-date at $174,000, which staff said is approximately 51% of the fiscal-year budget figure shown on the slides (the slides noted the budget as “3.41” in the packet; the presentation did not specify the units or full figure). Other YTD expenditures cited in the presentation included $13,400 for advertising and marketing, $9,000 for legal services and $4,600 for professional/IT services.
The board discussed account coding for incentives. One director asked whether incentives should be separated from contracted services and instead shown as a distinct capital or contra account; staff said they would consult the town finance staff (Mike Vail) and report back.
Harrison also relayed a notice from the state comptroller’s office that the Belmont district’s sales-tax collection will go effective July 1, 2025; staff said the MDD’s portion of sales tax from Belmont is already arriving while the town’s portion is scheduled to come online July 1. The presenter said delays in state distribution mean some receipts are not immediately passed through to local entities.
No board action was required on the financial report; members asked staff to follow up on account coding and to continue providing quarterly sales-tax breakdowns by category.
