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Hoover reports 9-month revenues ahead of budget pace; sales and SSUT remain largest tax sources
Summary
City finance staff told the council the city is slightly ahead of budget on tax revenues at nine months, with sales and use taxes (including SSUT) the largest source; staff provided grocery tax totals, opioid settlement receipts and cautioned the year-end excess will likely shrink as remaining expenditures post.
City finance staff presented the Hoover City Council with a nine-month financial and revenue update on Aug. 25, reporting revenues generally ahead of the planned pace and noting areas to watch as the fiscal year closes.
Finance staff (identified in the meeting as Miss Cornett) said tax revenues of $118 million represent about 83% of the city’s budgeted tax revenues at the nine-month mark, while total revenues reported were $146,000,000 (85% of the budget). Staff emphasized the general fund remains the primary operating fund and cautioned that a reported $26 million excess in the general fund at this point will likely decline as the final three months of expenditures are recorded.
Presentation highlights included: - Tax revenue composition: Sales and use taxes make up about…
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