City officials are putting a positive spin on the city’s checking account.
Springfield Budget Director Bill McCarty says the fiscal year ending this past February shows the city collected more in revenue and spent less money than years past.
McCarty says Mayor Mike Houston’s pledge to get the city’s financial house in order is paying dividends.
“We ended up with a $4.1 million surplus,” says McCarty. “Keep in mind, that’s with the inclusion of an extra $1 million pension payment on the last day of the fiscal year. Otherwise, we’d be looking at a $5.1 million at the end of Fiscal Year 2013.”
McCarty says the city’s fund balance as a percentage of the city’s expenses is the highest it has been in 25 years.
Although acknowledging there is more work ahead in recovering from previous administrations and the bleak performance of the nation’s of economy, there is still much work to be done but he says he expects the major bond houses to increase the city’s bond ratings after an upcoming audit this fall.