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McKinney CDC: FY24 sales tax totaled $23.8 million, projects spending pushed into FY25
Summary
The MCDC heard a final FY24 financial statement from staff showing stronger-than-budget sales tax collections and project timing that pushed much project spending into fiscal 2025.
Chance Miller, presenting the final fiscal year 2024 financial statements, told the McKinney CDC that sales tax receipts for the year totaled $23.8 million, an increase of about 7% year over year and roughly 2% above the adopted budget figure of $23.4 million. Final FY24 revenues were $31.8 million.
Miller said operational expenditures finished approximately $860,000 for the year with projects totaling about $14.3 million. Much of the CDC-related park construction activity was quiet in FY24 because project timing delays left construction and contractor invoices to be re-appropriated to FY25; the board approved re-appropriations of roughly $13.1 million at the end of the fiscal year. Non‑departmental expenditures (including debt service and economic incentives) were roughly $3.8 million, and total FY24 expenditures were near $19 million.
Board members asked clarifying questions about why parks allocations appeared low in FY24; staff explained the CDC is often the funding source used later in project payment schedules, so timing and multi-year performance agreements drive the appearance of underspending in a fiscal year.
