Designation of Funds

A designation of surplus funds was recently an item that was addressed by city officials. Sheridan Media’s Ron Richter has the details.

The City of Sheridan general cash reserve fund was created by ordinance in 2005. The ordinance called for a reserve of 10 percent of the General Fund operating budget. In 2014,  the amount was updated by a resolution that was approved by the City Council that called for six months of the annual General Fund expense. Each year as the City’s General Fund operating budget increases, so does the target amount of the cash reserves. The City Council recently approved the designation of $1.39 million of the FY22 General Fund surplus as cash reserves. City Treasurer Karen Burtis.

Burtis said FY22 ended with a surplus of over $2 million in the General Fund.