The City of Sherman's fiscal year begins on October 1 and ends on September 30. The City Council controls the finances of the city through the annual budget. Developed through a rigorous process and adopted via an ordinance, the budget provides appropriations which are the permission to spend public funds.
The City Council adopted the2017-2018 Budgeton August 21, 2017. The budget of $94.6 million in appropriations includes funding for additional ball fields at Pecan Grove Park, extension of Travis Street West, two new positions in the street department and equipment to allow the City to perform work in-house that was previously done by a contractor, and two new positions in Equipment Services to staff another location for maintenance at the Solid Waste and Street Department facility. Public Safety compensation was increased to help the City be more competitive with surrounding communities. A property tax increase from $.3943 to $.4273 is included to fund debt service on certificates of obligation issued in FY 2017. A 3% increase in Utility rates is included to help compensate for lagging consumption and decreased industrial usage.