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Springfield City Budget Outlook

Updated: Thursday, May 8 2014, 03:31 PM CDT

A glimpse at what's to come. City leaders are now busy planning Springfields fiscal future after the city's budget director presented an overview of Springfields finances from this past fiscal year.

Newschannel at Nine's Kimberly Howard was there and sheds light on the picture of the future that report is painting.

"all and all summary. '14 was a good year."

$5 million in the bank. Just one of the reasons Springfield Budget Director Bill McCarty are some alderman are cautiously optimistic.

"I think we're just headed in the right direction, I think stability's the key here."

In the past 4 years, the city has surged from a multi-million dollar deficit to a multi-million dollar surplus.

The average daily cash balance for last fiscal year: nearly $8 million. And the corporate fund balance, which measure both the city's cash and assets, a sharp peak above the rest.

"This anticipated fund balance is the highest fund balance that we have seen in dollars and in percentage."

But it's not all good news. In terms of local tax revenue, the city came in at more that $800,000 lower than anticipated.

McCarty attributes the shortfall to the increase in online shopping, while others blame the wicked winter weather.

"Oh, it dropped considerably."

Obed and Isaac's Assistance General Manager isn't surprised about the city's sales tax shortfall. She says the sub-zero temperatures affected more than just their customers.

"We had to call off our employees. I mean, you know, it hurt us as far as our labor percentage and our labor hours."

Alderman Edwards says there are other reasons why people weren't spending money.

"I mean when you raise your fees, raise your sales tax. And $2 million of that impact is from CWLP."

There was a dip in property tax revenue. And that, along with teh city's massive unfunded pension loability are the reasons for concern.


Springfield City Budget Outlook


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