City approves 2014 budget, two-year capital improvement plan
Date posted: June 18, 2013
SHERIDAN — City Council adopted and approved the fiscal year 2014 budget and the two-year capital improvement plan for fiscal years 2014-2015 at its regularly scheduled meeting Monday.
The budget included one revision. Engineering professional services were overlooked and were added to the budget at a cost of $50,000, which will be taken from supplemental funds, city Treasurer Jennifer Reed said.
The final budget for fiscal year 2014 is $33,938,508. The fiscal year 2015 capital improvement plan budget is $5,025,000.
Reed also updated the council on the final figures for incoming sales and use tax for fiscal year 2013.
She said general fund and Optional One-Cent Sales Tax revenues are down from fiscal year 2012.
General fund revenues were down approximately $250,000, but the city budgeted low and came out ahead of budget by $40,000.
Optional One-Cent funds were down about $130,000, which the city had not budgeted for, meaning contingency funds may be used to cover the deficit. Reed did not expect that fourth-quarter dispersements for One-Cent recipients would be cut but said it is an option.
Books should be closed by late July or early August for the fiscal year 2013.