The City of Sherman's fiscal year begins on October 1 and ends on September 30. The City Council controls the finances of the city through the annual budget. Developed through a rigorous process and adopted via an ordinance, the budget provides appropriations which are the permission to spend public funds.
2017-2018 Draft Budget
A public hearing for the will be held on August 21, 2017. The proposed budget of $94.2 million in appropriations includes funding for additional ball fields at Pecan Grove Park, extension of Travis Street West, two new positions in the street department and equipment to allow the City to perform work in-house that was previously done by a contractor, and two new positions in Equipment Services to staff another location for maintenance at the Solid Waste and Street Department facility. Public Safety compensation was increased to help the City be more competitive with surrounding communities. A property tax increase from $.3943 to $.4273 is included to fund debt service on certificates of obligation issued in FY 2017. A 3% increase in Utility rates is included to help compensate for lagging consumption and decreased industrial usage.
2016-2017 BudgetThe City Council adopted the budget for the Fiscal Year 2016-2017 on Monday, August 15, 2016. The budget contains $82.8 million of appropriations including funding for a major library renovation, Fire Station #4 relocation,and major street improvements such as extensions of Swan Ridge, Taylor Street and Canyon Creek. Staffing levels increased from 413 to 431 due to the addition of three operators/technicians at the Water Treatment Plant, four police officers, three firefighters, a Tourism director, four line workers for Water Distribution Services, a Community Services Coordinator for substandard structure mitigation and three support personnel in other departments. A property tax rate increase from $.372 to $.3943 will fund the new police and fire positions and debt service on a 2016 certificate of obligation issued in July of 2016. In the Utility Fund, a 3.5% increase in Utility rates was approved to fund the expansion and improvement of the Water Treatment Plant.
Prior Annual Budgets