Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Revenue Update topic
No spam. Unsubscribe anytime.
Hoover reports year‑to‑date revenue gains; sales and use tax shows modest growth
Summary
City finance staff reported sales and use tax and several other revenue categories were above budget through 11 months of the fiscal year; staff noted sales and use tax up 3.7% for the month and single‑state use tax (SSUT) up 11% year‑to‑date.
Finance Director Jennifer Cornett told the council the city has 11 months of tax revenue in and that several major revenue categories are tracking above budget for the fiscal year to date.
Cornett said overall sales and use tax for the 11 months ended in the fiscal year was up approximately $3.5 million, or about 3.68% compared with the prior year period. She highlighted single‑state use tax (SSUT) as up roughly 13% (about $900,000) for the same period, and noted gross receipts and franchise taxes, license and permits and real property tax also showed increases. Real property tax collections were up about 3.25% (about $500,000) year to date; gross receipts and franchise tax was up about 3.42% (about $300,000).
Why this matters: the revenue trends give the city fiscal breathing room as it closes the fiscal year and plan for the next budget cycle. Cornett told the council there was one reporting period left for the fiscal year and said the steady trend in SSUT and sales tax was encouraging.
Council reaction Council members and the mayor praised Cornett and her team for steadying the city’s finances and noted improvements in reporting and collection.
Ending Cornett said the city would receive the final reporting period and close out the fiscal year, and council members expressed appreciation for the finance staff’s work.
