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Proposed Sherwood City Budget Released
Proposed Sherwood City Budget Released
Total Budget Decreases 2.9% in Proposed Budget
Today Sherwood City Manager Joseph Gall released the proposed budget for Fiscal Year 2020-21. In compliance with state budget law, the proposed budget is balanced and does not rely on any use of financial reserves for overall ongoing operations. The total budget proposed for FY2020-21 is $40.0 million, a 2.9% decrease from the current adopted budget for this fiscal year. This includes $15.7 million for General Fund operations, a small increase of 0.7% from the current fiscal year.
“This year’s proposed budget continues to focus upon major priorities identified by the City Council earlier this year in goal setting,” said Joseph Gall, City Manager. “For example, we continue with our multi-year plan of adding additional staff in our Police Department with two additional Police Officer positions in this proposed budget.
While the city’s current financial position is in a strong position, there is a higher level of uncertainty due to the impacts from the ongoing Covid pandemic that are likely to negatively impact some revenues in the coming year. For example, the city’s portion of unrestricted General Fund state revenue/tax sharing is anticipated to drop by 7.5 percent due to the crisis. “We will be closely monitoring our various revenue streams in the coming months as this Covid-19 uncertainty continues and if we need to make mid fiscal year adjustments, we will revisit,” stated Gall. Another significant cost-saving measure within the proposed budget is a shift of a portion of PERS costs for non-represented staff as anticipated during last year’s budget process. This shift is estimated to save the City approximately $1.2 million over the next five-year period.
The public hearing process will begin at the Sherwood Budget Committee on Thursday, May 21st at 6:00 pm with subsequent meetings scheduled for May 28th and June 4th, if necessary. All community members are invited to participate in the budget process under the Governor’s new guidelines for public meetings. Details will be available on the agenda for the first meeting at https://www.sherwoodoregon.gov/meetings.
For more information, please contact David Bodway, Finance Director for the City of Sherwood at 503.625.4248 or by email at bodwayd@sherwoodoregon.gov
The proposed budget can be located at https://www.sherwoodoregon.gov/finance/page/fy-2020-2021-proposed-budget
