The Village of Sherman Fiscal Year is from May 1st through April 30th of each year and the Village therefore, operates on a budget cycle from May 1st through April 30th.
Each year, the Village President and Board of Trustees serving as members of the Finance Committee of the Whole, along with the Village Administrator and Department heads, work to prioritize the items that are essential to the efficient and effective operation of the Village, taking into consideration established strategic goals and objectives.
Every year, in the early spring, the Village Board of Trustees passes an Appropriations Ordinance and Budget for Fiscal Year Commencing May 1 through April 30 of the year this is in effect for. This Ordinance is then filed with the Sangamon County Clerk.
Fiscal Year 2011 Budget
Fiscal Year 2012 Budget
Fiscal Year 2013 Budget
Comprehensive Annual Financial Report
The Comprehensive Annual Financial Report or “CAFR”, commonly referred to as an Annual Audit of the basic financial statements of governmental activities, the business-type activities, each major fund and the aggregate remaining fund information for the Village of Sherman is generated at the end of each fiscal year.
The Fiscal Year for the Village of Sherman begins on May 1st and continues through April 30th. The Village therefore, operates on a budget cycle from May 1st through April 30th.
Unlike previous fiscal years in which the Village followed the Modified-Cash basis of Accounting, during Fiscal Year 2010, the Village adopted the Modified Accrual basis of accounting as an internal control to recognize revenues when they become available and measurable and to further recognize expenditures when the liabilities are actually incurred.