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Visit McKinney reports hot-tax growth; year-end numbers preliminary
Summary
Finance chair Alicia Holmberg reported Visit McKinney ended FY25 slightly under budget with hotel-occupancy-tax collections finishing "3 point just over 3,300,000," September HOT up 9.68% year-over-year and roughly $210,000 higher than last year; fiscal-year numbers were labeled preliminary pending city budget finalization.
Alicia Holmberg presented the finance committee's September and year-end numbers to the Visit McKinney board, describing FY25 as a strong finish. "We ended the year at 3 point just over 3,300,000," Holmberg said; she cautioned the figures were preliminary while the city's budget office completes final adjustments.
Holmberg said total expenses for the year were about 96% of budget and that the organization stayed just under plan. She reported hot-tax collections finished the fiscal year strongly: September collections were up 9.68% compared with last September, contributing to a roughly $210,000 (about 7%) increase year-over-year for the organization. Hotel reporting by tier showed mixed performance: top-tier hotels were slightly down, tier 2 was up and tier 3 roughly flat. Holmberg said the ADR (average daily rate) was "up slightly — $90.98 dollars almost $98," and that individual hotel reporting will continue to be refined in next month's packet.
Holmberg and the board said they were pleased with the overall results but noted that final fiscal-year numbers remain subject to city budget reconciliation. No adjustments to policy or staffing were proposed at the meeting.
