Council Designates General Fund Surplus as Cash Reserves

The designation of $800,000 of FY21 (fiscal year ‘21) general fund surplus to cash reserves was approved by the Sheridan City Council this week. City of Sheridan Treasurer Karen Burtis says the City ended last fiscal year with a surplus of over $ 1 million in the general fund.

In 2005, the general cash reserve fund was created by ordinance that calls for a reserve of 10 percent of the general fund operating budget. The amount was updated in 2014 via a resolution to call for six months of the general fund expense. The designation approved Monday night by the Council brings the balance of the general cash reserve fund to $3.67 million, which is 55.4 percent of the target amount.