The Sherman Economic Development Corp. board of directors gave initial approval for the corporation’s fiscal year 2018-2019 budget and program of work during its regular meeting Tuesday.

The budget and program of work will next be considered for approval by the Sherman City Council during a joint meeting with the SEDCO board on Sept. 27. Executive Vice President Stacey Jones explained the oversight from the city was set up when SEDCO was incorporated. SEDCO is funded by 4A sales tax at a rate of three-eighths of a cent per $1 of taxable sales in the city.

“This is an annual thing the city council has to approve those two documents for SEDCO every year,” Jones said of the budget and program of work. “Our board always has to approve it before the city council can so this gives them an opportunity to look at it and if they need to request any changes, we have time to make those changes before the final approval at the joint meeting.”