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Sheridan staff tell council sales and use taxes make up roughly 44–45% of general fund revenues
Summary
Finance staff walked the council through the general-fund revenue forecast, using a 5.974-mill property tax rate and conservative placeholders (including a $15,000 audit-recovery line and a $200,000 letter-of-credit entry) while projecting an 8% marijuana excise carry-forward into 2027.
Teresa, the city's finance presenter, told the council the draft general-fund forecast holds the property tax rate at 5.974 mills and that the city is deliberately conservative when budgeting revenues.
"Our property tax... is at 5.974 mills," Teresa said, noting the rate was retained because assessed values are not trending higher. She emphasized the city presents general-fund revenues first so later budget decisions can be refined once another month or two of actual receipts are available before final adoption in September or October.
Teresa described two material year-to-year differences driving the proposed 2027 projection: variable audit-recovery income — for which staff budgets a $15,000 placeholder rather than relying on it as an assumed source — and an updated marijuana excise projection (modeled at 8% on incoming receipts). Staff also explained that revenue from the Sheridan Redevelopment Authority (Riverpointe area) is not included in the city's base sales-tax line because those receipts are routed to the SRA.
City manager Devin reiterated the city's conservative posture: "We would much rather budget revenues down and be able to come back to you in the middle of next year," he said, adding that a modest bump in receipts this year leaves the general fund in a positive position. Staff closed by reminding council the next budget work session will cover capital improvements and other non-general funds.
