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 budget for the Fiscal Year 2016-2017 on Monday, August 15, 2016. The budget contains $82.8 million of appropriations including funding for capital projects including 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.
The 2015-2016 Budget was adopted by the City Council on August 17, 2015. The budget appropriates $68.5 million, including $7.1 million for capital spending.