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MEDC approves October financials after staff report on sales-tax revenue
Summary
Assistant finance director reported "a little bit over $2,200,000 in revenue" for October (mostly sales tax); board approved the October financials after a motion by Julie and a second by Thad.
The McKinney Economic Development Corporation voted to approve its October financial statements after the assistant finance director summarized month‑to‑date results and audit timing. The presenter said the organization is still closing out FY25 with auditors on site and expects audited numbers in January or February. For the reporting month, he said the board collected "a little bit over $2,200,000 in revenue," mostly from sales tax, with roughly $300,000 in operational expenses and about $25,000 for project expenses.
After the presentation the chair asked for a motion. The minutes record a motion by Julie and a second by Thad; the chair called the vote and the financials were approved by voice vote. The assistant finance director emphasized that year‑to‑date variances are expected early in the fiscal year and that staff will continue to monitor retail trade and manufacturing trends.
The board requested that the finance director return with final FY25 numbers after audits are complete and to follow up on any sustained variances in manufacturing or other sectors.
