City of Sherwood
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City Saves Over $900k in Debt Refinance - 05/03/17

Two Water Construction Loans Benefit from Refinancing Decision

The City of Sherwood Finance Director, Katie Henry, announced today a savings of more than $920,000 to ratepayers over the next 13 years through the refinancing of $9 million in construction loans held by the City of Sherwood Water fund. This refinancing lowered the interest rates from an average of 3.7 percent for the two loans to 2.29 percent. The City received competitive bids from several banks on Wednesday, April 26, 2017 with Columbia Bank being selected as the winning bidder.

"The low interest rate and favorable terms of the loan reflect the confidence of the financial market in the City's strong financial policies and prudent financial management" Ms. Henry said. The City anticipates that the final closing for the refinancing will be complete by May 16, 2017. For more information, please contact Katie Henry, Finance Director for the City of Sherwood at 503.625.4248 or by email at henryk@sherwoodoregon.gov

Proposed Sherwood City Budget Released - 05/03/17

Small Increases in Total Budget and General Fund Budget Compared with Current Year

Today Sherwood City Manager Joseph Gall released the Fiscal Year 2017-18 Proposed Budget. In compliance with state budget law, the proposed budget is balanced, and does not rely on any use of financial reserves. The total budget proposed for FY2017-18 is $27.7 million, a 4.6% increase from the current adopted budget for this fiscal year. This includes $12.6 million for General Fund operations, a 2.7% increase from the current fiscal year.

"In some ways, this can best be described as a status quo budget with minimal changes in our staffing levels," said Joseph Gall, City Manager. "While our local economy is quite healthy and total revenues are increasing, the significant increases in our PERS costs and the additional new expenses related to operating the Marjorie Stewart Center without Meals on Wheels as operator eroded our growth in revenues." PERS costs are projected to increase by $350,000 in the next fiscal year, a 24% increase over the current year. "If our state legislature continues to kick the can down the road and not figure out how to rein in our PERS system costs, we will likely see another significant increase in FY2018-19 and it will be difficult to retain our current staffing levels and services," stated Gall.

The public hearing process will begin at the Sherwood Budget Committee on Thursday, May 11th at 6:00 pm with subsequent meetings scheduled for May 18th and 27th, if necessary. All community members are invited to attend and participate in the budget process. Please visit www.sherwoodoregon.gov/finance for regular budget updates and to review the proposed budget.

For more information, please contact Katie Henry, Finance Director for the City of Sherwood at 503.625.4248 or by email at henryk@sherwoodoregon.gov