The Sherman City Council and board of directors of the Sherman Economic Development Corp. will hold a special joint meeting to discuss the SEDCO budget and work program Monday at noon in the council chambers of City Hall, 220 W. Mulberry St.
SEDCO’s work program will be the first thing discussed, with presentations on the 2016-2017 work program’s results and return on investment report followed by a presentation on the planned 2017-2018 work program. The council will then consider approving the work program for the new fiscal year.
SEDCO staff will then provide a presentation on its planned budget for the new fiscal year before the council considers that for approval. In a document prepared for the council, city staff explained SEDCO is funded by 4A sales tax at a rate of three-eighths of a cent per $1 of taxable sales in the city.
After the new budget and work program are considered for approval, an executive session will be held to deliberate on economic development negotiations. The council will reconvene in open session to take any actions deemed necessary from the executive session item.
The SEDCO board is currently down one member as Willie Steele resigned from the his seat after he was appointed to a seat on the council. Steele is currently filling the at-large, Place 1 seat left vacant by the resignation of former council member Kevin Couch, who decided to leave the position to focus on his bid for the state representative seat for District 62.
The council has not yet appointed anyone to fill Steele’s former position on the SEDCO board.