Springfield City Council has received an unmodified opinion on its financial statement audit for the 2023 fiscal year from independent auditor RSM. This represents the highest level of assurance that can be given, with the firm reporting no material weaknesses, significant deficiencies, or compliance issues during a recent Council Lunch Workshop.
The City’s Finance Department prepares the Annual Comprehensive Financial Report (ACFR) each year in accordance with the City Charter. The report details Springfield’s financial condition and is presented annually to the City Council.
At the end of fiscal year 2023, Springfield’s equity stood at $1.2 billion, reflecting a $107 million increase over the previous year. Governmental activities contributed $75.2 million to this net position growth. Sales and use tax revenues accounted for approximately $179 million—54% of total governmental revenues—with overall governmental activities making up $330 million, or 72%, of total City revenues.
The increase in sales tax revenue by about $7.8 million compared to last year was attributed to factors such as robust consumer spending, low unemployment rates, inflation raising prices of taxable goods, and remaining federal funds related to pandemic response entering the economy.
Of the City’s net position, investments in capital assets—including land, buildings, infrastructure, and equipment—totaled $755.4 million or 63%. These assets are used to provide services and are not available for future expenditure. Another 18% ($211 million) of net position is restricted by external requirements on its use, while unrestricted funds stand at $229.5 million (19%), which can be applied toward ongoing obligations.
Springfield was allocated $40.3 million through coronavirus state and local fiscal recovery funds under ARPA. The city received two payments of $20.15 million each in June 2021 and June 2022. In both 2022 and 2023, about $1.9 million per year went toward public safety retention payments; additional allocations supported projects like The Connecting Grounds’ respite facility ($416,000), Ozarks Greenways Chadwick Flyer Trail development ($323,000), Cooper/Killian Parks projects ($306,000), and Ozark Empire Fair arena project ($250,000). Funds were also spent on mental health crisis line support via Burrell Behavioral Health, grant compliance services, and renovation work at Historic City Hall.
Any remaining ARPA funding is listed as unearned revenue; a full list of funded projects is available in the audit report’s letter of transmittal or on the City website.
For its financial management efforts in FY22, Springfield’s Finance Department received two awards from the Government Finance Officers Association: the Certificate of Achievement for Excellence in Financial Reporting for a forty-sixth consecutive year and the Distinguished Budget Award for an eighteenth straight year.
“In addition to providing the highest quality of services possible, the City of Springfield must always be accountable for the collection and use of the public’s dollars. Ensuring stability of the City’s financial position is also essential. We take these responsibilities seriously and continue to live by these values,” said City Manager Jason Gage.
