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Hoover school officials predict $3.4 million budget surplus for 2018

Graph of HCS 2018 Projected Revenues
Graph of HCS 2018 Projected Revenues

Credit: Hoover Sun

Hoover school officials tonight for the first time in 13 years presented a budget that is expected to end in the black, thanks to increasing property and sales taxes, more funding from the city of Hoover and cost-cutting measures.

School system Chief Financial Officer Tina Hancock is predicting the school system will spend $177.5 million in fiscal 2018 and take in $180.9 million in revenues, resulting in a $3.4 million positive balance.

While the school district did end up with a surplus of about $500,000 in fiscal 2016, the original budget for that year predicted a $10.4 million deficit. And while school officials now are hoping to end fiscal 2017 in the black, the 2017 budget passed a year ago predicted a $1.9 million deficit.

So this is the first time in 13 years the Hoover school board will consider a budget at the beginning of the fiscal year that ends in the black, Hancock said.

The school system’s financial status has made great improvements in the past couple of years.

One of the biggest helps has been an increase in property tax revenues, Hancock said. Construction activity has picked back up, adding more homes and vehicles in Hoover from which to collect property taxes.

See more of this article from the Hoover Sun