Sheridan living within its means
SHERIDAN — City Manager Frank Sheridan provided the Sheridan City Council with a budget review through the first six months of the fiscal year at the Monday, March 3 work session.
"We're in good shape," Sheridan said. "We do not provide a lot of services that big cities do.
"There is no debt in the general fund. We're managing our enterprise funds and living within our means."
Like the general fund, the sewer fund is on track, Sheridan said in his report to the council. There are minor issues associated with both funds, but they do not pose any foreseeable problems, he said.
The street fund is receiving more revenue than expected from gas tax, and the carry-over in the fund is higher than anticipated. Sheridan said he expects major street repair work will be completed this year. The projects will target portions of Northeast Center and Yamhill Streets.
Sheridan said there is a lot of work facing the city where the sewer fund is concerned. However, money to borrow in order to complete projects will be available when it's time embark on those projects.
"The water fund continues to be the most concern," Sheridan said. "While we are on track for user revenues, the amount budgeted will not allow us to reach our bond covenants. This is due to the lackluster performance in 2012-13d.
Sheridan's entire 20-page report is available at www.cityofsheridan.com. Click on the "council and planning meeting packets" link for 2014, then go to the meeting held Monday night.
In other business, the 2014-15 budget calendar was set. The first meeting will be held Thursday, April 24.
The council will next meet at 7 p.m. Monday, March 17 for a regular session.