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District finance report: revenues at 41.5% of budget, reserves at 10 months
Summary
District finance staff told the board the district has received 41.5% of budgeted revenue for fiscal 2025 through Jan. 31; general fund expenditures were 32.6% of budget and the general fund reserve stood at roughly 10 months.
Hoover City Schools finance staff reported to the board on cash disbursements and operating results for the month ended Jan. 31, 2025.
Mister McKay presented summary figures: cash disbursements for the reporting period totaled $13,934,914.13 for February and January cash disbursements were $4,578,665.11. As of Jan. 31, 2025, the district had received 41.5% of budgeted revenue for fiscal year 2025; general fund expenditures were about 32.6% of budget (compared with an expected benchmark of ~33.3% for four months of activity). The general fund reserve was reported at about 10 months and was expected to increase as additional property tax collections were recognized. McKay noted that special revenue expenditures represented 43.4% of budget, consistent with federal program spending that mostly occurs during the school year with reimbursement lags.
The report also noted December payments for elevator modernization, athletic field upgrades, and automotive maintenance. Board members did not request significant changes to the financial report and the board later approved business action items that included the financial materials.
No additional follow-up items or changes to the budget were recorded in the public discussion at the meeting.
