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MCDC finance director reports clean audit and that CDC met FY25 budget targets
Summary
Assistant Finance Director Chance Miller told the board MCDC received an unmodified (clean) audit opinion with no proposed adjustments, reported the CDC met its FY25 budget, and said reappropriations will reduce the preliminary $92.4 million ending fund balance when reflected in later reports.
Chance Miller, Assistant Finance Director, told the McKinney Community Development Corporation that the city’s audit produced an unmodified (clean) opinion and — unusually this year — no proposed audit adjustments, which Miller said reflects well on the finance department.
Miller reviewed FY25 and more recent monthly results. He said sales‑tax and other revenues and adjustments left the CDC near budget: one example item presented in the packet showed a budget line that was budgeted at $24,590,000 and finished slightly above $24.6 million. Miller reported an ending fund balance of $92.4 million before reappropriations and explained that the board has existing multi‑year commitments and reappropriations that will lower the available balance; he said once reappropriations are recorded the figure will be closer to $70.68 million.
Miller also summarized December receipts and expenditures (December sales tax just over $2.0 million; total monthly collections about $2.5 million) and noted year‑to‑date collections include a larger reported amount tied to debt issuance under government‑wide accounting. He invited board questions; members and staff clarified that reappropriations and timing of project spending explain much of the difference between the headline fund balance and available funds for new projects.
The presentation was informational; no vote or action on the fiscal numbers was required at the MCDC meeting on Feb. 26.
