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Hoover City Schools end 2016 back in black; first time since 2011

 HCS Financials
HCS Financials

The Hoover school system ended fiscal 2016 back in the black for the first time since 2011, the school district’s chief financial officer reported to the school board tonight.

Hoover City Schools brought in about $500,000 more in revenues than the system spent in fiscal 2016, which ended Sept. 30, Chief Financial officer Tina Hancock told the board.

When school officials passed their 2016 budget a year ago, they projected to have a $10.4 million deficit for the year. But revenues came in much stronger than projected, and school officials slashed millions of dollars in expenditures with staffing cuts and other reductions.

The last time school officials had a positive balance at the end of the fiscal year was 2011, when revenues came in $1.7 million greater than expenditures. The school district had deficits of $9.6 million in 2012, $10.2 million in 2013, $7.9 million in 2014 and $1.4 million in 2015.

One of the biggest bonuses for 2016 was a $4.3 million increase in property tax revenues to $71.2 million, Hancock said. School officials had budgeted to receive only $66.7 million – about $200,000 less than what was actually received in 2015, she said.

The school district also received about $280,000 more in sales tax revenues than expected, she said. The child nutrition program gained about $400,000 more in revenues than expected, while child nutrition expenses were about $160,000 less than expected, she said.

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