I'm excited that Sheridan's citizens voted to approve ballot issue 2A. The city is expecting to receive around $500,000 this year once the River Point bond refinancing is completed. The Council and City want to use these funds initially to bring the city back to a stable financial situation as we get out of the recession. Then, the funds will be dedicated 50% to capital improvements and maintenance beginning in 2013.
Even though the committment we made was only to begin funding infrastructure fixes in 2013, we can't wait to get underway with this, recognizing that Sheridan has been waiting a long time! So, the City will be doing an overlay on Oxford between Federal and Clay yet this year, and they will also be doing some minor street repairs around the city. We will still be able to put a large part of this year's $500,000 away in the city's "unreserved fund balance" to allow us to be in a better position should the economic climate deteriorate again.
Next year, we will undertake a comprehensive look at the infrastructure needs of the city, so we can priorize projects for the capital improvement fund (or whatever we end up calling that fund).
It's an exciting time for us on Council. We are pleased to be able to produce some tangible improvements for the city now and begin planning for the future!
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