The Village of Sherman believes it will be able to weather the financial storm because of the coronavirus, after discussion at last Tuesday’s village board meeting.
While the sales tax amount could see a hit, many of the major drivers of the village’s sales tax revenue have stayed open (County Market, Walgreens, and Carter Lumber), Treasurer Jeremy Stuenkel commented.
However, the income tax line item should see a larger drop, with many people being unemployed.
Along with that, the state could take a larger chunk of that funding as part of the local government distributive fund, it was stated, because of its own budget problems.
Since video gaming has been shut down, that could lead to a revenue drop of a few thousand dollars a month.
But with the village curbing spending and a “substantial” reserve in the general fund and motor fuel fund, the village “is positioned to be able to withstand” this financial crisis, noted Mayor Trevor Clatfelter.
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