Springfield: City Council receives FY 2025 independent audit report

~ Springfield City Council Receives Positive Financial Report from Independent Auditing Firm

The Springfield City Council has recently received an unmodified opinion, the highest level given, on the city's financial statement audit from RSM, the city's independent auditing firm. This positive report reflects the city's strong financial health and responsible management of its resources.

According to the City Charter, the Finance Department is responsible for preparing the Annual Comprehensive Financial Report (ACFR) each year. This report provides an overview of the city's financial condition and is presented to the City Council for review.

The ACFR for 2025 showed that the equity of the city at the end of the fiscal year was $1.5 billion, which is an increase of $190 million from last year. This increase in equity, also known as net position, was primarily due to a $142.4 million increase in governmental activities. The largest source of governmental revenues was sales and use tax, which accounted for 50% of total revenues at approximately $193 million.

One contributing factor to this increase in sales tax revenue was strong consumer spending and low unemployment rates in Springfield. Additionally, inflation led to an increase in taxable goods, further boosting sales tax revenue.

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The majority of the city's net position, 60%, is invested in capital assets such as land, buildings, and infrastructure. These assets are essential for providing services to citizens and are not available for future spending.

Finance Director David Holtmann expressed his satisfaction with these positive financial results stating, "Our city is in strong financial health...We have adequate reserves...to set back 20% of our operating revenue for unforeseen events." This proactive approach has helped protect Springfield from potential economic downturns or unexpected events such as a pandemic.

RSM reported only one finding this year related to a prior year lease termination transaction. However, this issue was identified and corrected by staff before the audit process.

In addition to the positive financial report, the Finance Department also received recognition from the Government Finance Officers Association (GFOA). They were awarded the Certificate of Achievement for Excellence in Financial Reporting for the 48th consecutive year and the Distinguished Budget Award for the 20th consecutive year.

Overall, Springfield's financial report reflects responsible management and a strong commitment to maintaining a healthy financial position. With continued diligence and proactive measures, the city is well-equipped to handle any future challenges that may arise.

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