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Hoover CFO: Revenues ahead of midyear projections but cautions against spending spree
Summary
City Chief Financial Officer presented preliminary six-month FY2025 results showing revenues above 50% of budget, with sales and use taxes and SSUT up year over year; council asked staff to publish the reports and staff warned some revenues are lumpy and expenditures will rise in the second half.
Jennifer, Hoover’s chief financial officer, told the City Council on June 23 that the city had collected roughly $104.7 million in total revenues through March — about 61% of the annual budget — and about $86 million in tax receipts during that period.
The report matters because it frames how much the city can spend this fiscal year: Jennifer said expenditures for the first six months totaled about $77.8 million, or roughly 47% of the annual budget, leaving a positive net change in fund balance that she estimated at about $24 million if current trends held. “We’re going to see more expenditures, obviously, for the next six months,” she said, and cautioned council members not to assume the midyear excess is permanent.
Jennifer emphasi…
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