Title
Consider/Discuss/Act on a Change to the Annual Reporting Period from a Calendar Year to Coincide with the City of McKinney's Fiscal Year for the Tax Increment Reinvestment Zone Number One (TIRZ No. 1 / Town Center TIRZ)
Summary
MEETING DATE: August 19, 2013
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED ACTION:
- Approval to change the TIRZ annual reporting period to coincide with the City's fiscal year
ITEM SUMMARY:
- The proposed change would call for a fiscal year reporting period (October 1 - September 30) rather than a calendar year period.
- The change would allow reported revenues and expenditures to better match the City's financial reports.
- The change would allow the sales tax revenue adjustment to occur in the same reporting period.
BACKGROUND INFORMATION:
- Sales tax revenue is recorded monthly based upon projections. At the end of the reporting period, an adjustment is made to true up the projections to actual collections. However, there is a two month lag in obtaining actual sales taxes from the State of Texas. The current calendar year reporting period causes the adjustment to cross fiscal years and distorts actual revenues.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A