Declining Revenues Continue for the City of Sheridan

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Declining Revenues Continue for the City of Sheridan
Declining Revenues Continue for the City of Sheridan

For the first 6 months of the fiscal year, the City of Sheridan's sale tax revenue matched up with what was projected. In January, all that changed as the deposit came in at the lowest amount since 2003.

Revenue for February and March also came in well below what was projected, putting the general fund in a deficit of $520,000. City Treasurer Jennifer Reed says that revenues for February never made up for declining revenues in previous months.

Reed met with department heads last week where they ended up trimming the deficit by $411,000.

Reed stated that the next step is to continue to monitor the revenues as they're coming in and to keep discussing plans for next fiscal year.

Reed indicated that after continuing to work with department heads on reducing the $110,000 deficit that remains, she will bring a budget revision for the current fiscal year to the Council, as well as a proposed budget for fiscal year 2012.

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