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EDC board accepts fiscal‑year 2024 financials, approves awards and signs off on three executive‑session items
Summary
On Jan. 21 the McKinney Economic Development Corporation board accepted final September 2024 financials, recorded winners of chamber awards (kept confidential until notified), and returned from executive session to approve three project and compensation items.
The McKinney Economic Development Corporation board voted to accept the audited, final September 2024 financial statements and year‑end adjustments at the Jan. 21 meeting.
Chance Miller, accounting manager, reviewed year‑end figures and noted cash and investments of about $37 million, fixed assets at approximately $66.6 million (cost basis), total assets of roughly $112.5 million, and total liabilities near $19.7 million. Miller reported fiscal‑year 2024 sales tax receipts of about $23.8 million (roughly $400,000 above the budget adjustment) and total MEDC revenues of about $26.7 million. The board moved to accept the financials and the motion passed.
The board also conducted confidential voting on Chamber of Commerce award nominations. To protect the Chamber’s request for advance notification to nominees, the board voted by letter rather than naming companies in public discussion; the record on the public minutes lists winners as "Company A" for the BRE Business Retention Encore Wire Award and the New Corporate Business Award, and "Company B" for the Workforce Development Award. The board approved the awards as presented.
After a scheduled executive session, the board reconvened in open session and approved three items discussed in executive session: Project Matheson (approved as discussed in executive session), Project Ruth (approved as discussed in executive session), and a compensation action relating to the MEDC president (approved as discussed in executive session). The board recorded motions and votes in open session; the meeting minutes show motions, seconds, and the chair’s call for the ayes.
No further public details on the executive‑session project approvals or the president’s compensation change were presented in open session; staff indicated the approvals were consistent with executive‑session discussions and directed staff to proceed as authorized.
