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.
The City Council adopted the 2019-2020 Budgetat the August 19, 2019 City Council meeting. The budget of $94.8 million includes funding for growth through appropriations for 5 additional positions, $2.9 million in fleet and equipment, $16 million in utility projects, and $14.2 million in street projects. A decrease in residential rates and an increase in commercial solid waste charges is budgeted in the Solid Waste Fund. The property tax rate increased to fully fund debt service using the tax rate and to fund additional public safety personnel. This budget is about $4.6 million less than the original FY 2019 budget due to a decrease in capital expenses. Fund balance in the General Fund is maintained at the targeted level. The Solid Waste and Utility Funds are below the targeted level.