City of Springfield News Releases (General)

Posted on: December 15, 2015

City Council receives independent audit report

Citylogo.jpg

FOR IMMEDIATE RELEASE

The Springfield City Council received an “unmodified” (the highest level given) opinion on the City’s financial statement audit today from the City’s independent auditing firm, BKD.
The equity of the City at the close of the most recent fiscal year was $798 million. This is also referred to as net position.

There was a positive change in that net position, increasing $43.8 million over last year. The primary reasons for the positive change is an increase of $18 million in investment in capital assets and $12 million increase in the equity of the enterprise funds.

The City's net investment in capital assets, such as buildings, roads and sewer system is $598 million.

The fund balance of the General Fund is $25.8 million – a slight increase from last year. Some of these funds are restricted; the remaining constitutes the City’s “rainy day” fund. This is within the Council-established reserve goal of 20 percent of FY15 budget.

“What this tells you is that you are prudently managing your finances, not spending more than what you have coming in,” explained Rachel Dwiggins, BKD partner.

BKD also audited compliance of the City's grant programs. In FY 2015, the City received $16.4 million of grant funds. The Single Audit of Grant Funds also received an unmodified opinion. The auditor's found no significant deficiencies or material weaknesses when reviewing the City's compliance with the major federal grant programs.

“The audit went extremely well this year. The finance team was extremely responsive to us and helpful,” Dwiggins said. There were no findings reported as a result of the testing of federal funds for a second year in a row, which moved the organization into a lower risk category.

BKD also prepared a peer benchmarking report comparing Springfield financial data to 14 other cities.

One striking statistic is the breakdown of governmental revenue sources,” said City Manager Greg Burris. “The majority of Springfield’s governmental activities revenue comes from sales tax (68%), which is a volatile revenue source. Many other cities have higher percentages of their budgets coming from more stable sources of revenue, such as property tax. Considering that we rely so heavily on sales tax projections, I think it speaks volumes about how well our organization does at budget forecasting and managing our revenue and expenses.”

The audit is required under the City Charter. A full copy of the report is available at the link below.

The Finance Department has received the Certificate of Achievement for Excellence on Financial Reporting from the Government Finance Officers' Association for its Comprehensive Annual Financial Report for the 38th consecutive year.

The department also received the GFOA Distinguished Budget Award for its budget presentation for an eighth consecutive year. Three judges evaluate 35 separate elements of the budget document to assess its presentation.

# # #

For more information, contact: Cora Scott, Director of Public Information & Civic Engagement, 417-864-1009 (office) | 417-380-3352 (cell), cscott@springfieldmo.gov.

Download audit report.
Facebook Twitter Google Plus Email

Other News in City of Springfield News Releases (General)

CouncilSummary.jpg

March 20 City Council meeting summary

Posted on: March 20, 2017
Citylogo.jpg

AT&T customers unable to call 9-1-1

Posted on: March 8, 2017
CouncilSummary.jpg

March 6 City Council meeting summary

Posted on: March 6, 2017
CouncilSummary.jpg

Feb. 21 City Council meeting summary

Posted on: February 21, 2017
CouncilSummary.jpg

Feb. 6 City Council meeting summary

Posted on: February 6, 2017
CouncilSummary.jpg

Jan. 23 City Council meeting summary

Posted on: January 23, 2017
CouncilSummary.jpg

Jan. 9 City Council meeting summary

Posted on: January 9, 2017
CouncilSummary.jpg

Dec. 12 City Council meeting summary

Posted on: December 12, 2016
CouncilSummary.jpg

Nov. 28 City Council meeting summary

Posted on: November 28, 2016
CouncilSummary.jpg

Nov. 14 City Council meeting summary

Posted on: November 14, 2016
CouncilSummary.jpg

Oct. 31 City Council meeting summary

Posted on: October 31, 2016
CouncilSummary.jpg

Oct. 17 City Council meeting summary

Posted on: October 17, 2016
Citylogo.jpg

October sales tax revenues on target

Posted on: October 11, 2016
CouncilSummary.jpg

Oct. 3 City Council meeting summary

Posted on: October 3, 2016
CouncilSummary.jpg

Sept. 19 City Council meeting summary

Posted on: September 19, 2016
CouncilSummary.jpg

Sept. 6 City Council meeting summary

Posted on: September 6, 2016
Citylogo.jpg

Zone 2 Council seat open

Posted on: August 25, 2016
CouncilSummary.jpg

Aug. 8 City Council meeting summary

Posted on: August 8, 2016
CouncilSummary.jpg

July 25 City Council meeting summary

Posted on: July 25, 2016
CouncilSummary.jpg

July 11 City Council meeting summary

Posted on: July 11, 2016
CouncilSummary.jpg

June 27 City Council meeting summary

Posted on: June 27, 2016
CouncilSummary.jpg

June 13 City Council meeting summary

Posted on: June 13, 2016
CouncilSummary.jpg

April 18 City Council meeting summary

Posted on: April 18, 2016
CouncilSummary.jpg

April 4 City Council meeting summary

Posted on: April 4, 2016
CouncilSummary.jpg

March 21 City Council meeting summary

Posted on: March 21, 2016
CouncilSummary.jpg

March 7 City Council meeting summary

Posted on: March 7, 2016
CouncilSummary.jpg

Feb. 22 City Council meeting summary

Posted on: February 22, 2016
Citylogo.jpg

City employee dies in accident at landfill

Posted on: February 10, 2016
Citylogo.jpg

City solicits bids for properties

Posted on: February 10, 2016
CouncilSummary.jpg

Feb. 8 City Council meeting summary

Posted on: February 8, 2016
CouncilSummary.jpg

Jan. 25 City Council meeting summary

Posted on: January 25, 2016
Citylogo.jpg

Zone 2 Councilman Justin Burnett resigns

Posted on: January 14, 2016
CouncilSummary.jpg

Jan. 11 City Council meeting summary

Posted on: January 11, 2016
Citylogo.jpg

Video looks back at 2015

Posted on: December 31, 2015
CouncilSummary.jpg

Dec. 14 City Council meeting summary

Posted on: December 14, 2015
Citylogo.jpg

City of Springfield Weekly News Tip Sheet

Posted on: December 14, 2015
Citylogo.jpg

Awards & Achievers

Posted on: November 25, 2015
CouncilSummary.jpg

Nov. 23 City Council meeting summary

Posted on: November 23, 2015
Citylogo.jpg

City of Springfield Weekly News Tip Sheet

Posted on: November 23, 2015
Citylogo.jpg

City of Springfield Weekly News Tip Sheet

Posted on: November 18, 2015
CouncilSummary.jpg

Nov. 9 City Council meeting summary

Posted on: November 9, 2015

Five City Councilmembers issue statement

Posted on: November 2, 2015
CouncilSummary.jpg

Oct. 26 City Council meeting summary

Posted on: October 26, 2015
CouncilSummary.jpg

Oct. 12 City Council meeting summary

Posted on: October 12, 2015
CouncilSummary.jpg

Sept. 28 City Council meeting summary

Posted on: September 28, 2015
CouncilSummary.jpg

Sept. 14 City Council meeting summary

Posted on: September 14, 2015
CouncilSummary.jpg

Aug. 24 City Council meeting summary

Posted on: August 24, 2015
Citylogo.jpg

City responds to Sheriff's Counterclaim

Posted on: August 14, 2015
CouncilSummary.jpg

Aug. 10 City Council meeting summary

Posted on: August 10, 2015
CouncilSummary.jpg

July 27 City Council meeting summary

Posted on: July 27, 2015
CouncilSummary.jpg

July 13 City Council meeting summary

Posted on: July 13, 2015
CouncilSummary.jpg

June 22 City Council meeting summary

Posted on: June 22, 2015
CouncilSummary.jpg

April 27 City Council meeting summary

Posted on: April 27, 2015
Citylogo.jpg

Gift of Time nominations now open

Posted on: April 20, 2015
CouncilSummary.jpg

April 13 City Council meeting summary

Posted on: April 13, 2015
CouncilSummary.jpg

April 27 City Council meeting summary

Posted on: April 13, 2015
Citylogo.jpg

Monthly sales tax revenue down

Posted on: April 7, 2015
Citylogo.jpg

Media Tour of Heer's Luxury Living

Posted on: March 24, 2015
Citylogo.jpg

March 23 City Council meeting summary

Posted on: March 23, 2015
Citylogo.jpg

March 9 City Council meeting summary

Posted on: March 9, 2015
Citylogo.jpg

Landmarks Board meeting cancelled

Posted on: March 3, 2015
Citylogo.jpg

Feb. 23 City Council meeting summary

Posted on: February 23, 2015
Citylogo.jpg

Monthly sales tax revenue down

Posted on: February 10, 2015
CouncilSummary.jpg

Feb. 9 City Council meeting summary

Posted on: February 9, 2015
Citylogo.jpg

Jan. 26 City Council meeting summary

Posted on: January 26, 2015
Citylogo.jpg

Filing closes for City Council seats

Posted on: January 20, 2015

Dec. 30 City Council Lunch CANCELLED

Posted on: December 29, 2014
CouncilSummary.jpg

Dec. 15 City Council meeting summary

Posted on: December 15, 2014
Citylogo.jpg

Jan. 12 City Council meeting summary

Posted on: January 12, 2015
_WeeklyEvents.jpg

Weekly Calendar for December 15-19

Posted on: December 15, 2014
Citylogo.jpg

Nov. 24 City Council meeting summary

Posted on: November 24, 2014
_sw_wwt_plant.jpg

Springfield ‘saves’ Hollywood

Posted on: November 18, 2014
Citylogo.jpg

Springfield to rally for peace Saturday

Posted on: November 14, 2014
Citylogo.jpg

City Clerk certifies referendum petition

Posted on: November 13, 2014
Citylogo.jpg

Nov. 10 City Council meeting summary

Posted on: November 10, 2014
_WeeklyEvents.jpg

Weekly Calendar November 10-14

Posted on: November 10, 2014
Citylogo.jpg

City Clerk Receives Referendum Petition

Posted on: November 5, 2014
CouncilSummary.jpg

Oct. 27 City Council meeting summary

Posted on: October 27, 2014
_WeeklyEvents.jpg

Weekly Calendar October 27-31

Posted on: October 27, 2014
Citylogo.jpg

Oct. 13 City Council meeting summary

Posted on: October 13, 2014
WeeklyEvents.jpg

Weekly Calendar October 13 - October 17

Posted on: October 13, 2014
Citylogo.jpg

City's October sales tax revenue up

Posted on: October 8, 2014
WeeklyEvents.jpg

Weekly Calendar October 6-10

Posted on: October 6, 2014
Citylogo.jpg

City outlines plans for additional police

Posted on: September 30, 2014
WeeklyEvents.jpg

Weekly Calendar September 29 - October 3

Posted on: September 29, 2014
WeeklyEvents.jpg

Weekly Calendar September 22 - September 26

Posted on: September 22, 2014
WeeklyEvents.jpg

Weekly Calendar September 15-19

Posted on: September 15, 2014
Citylogo.jpg

Sept. 8 City Council meeting summary

Posted on: September 8, 2014
WeeklyEvents.jpg

Weekly Calendar September 8 - September 12

Posted on: September 8, 2014
Citylogo.jpg

Weekly Calendar September 1- September 5

Posted on: September 2, 2014
WeeklyEvents.jpg

Weekly Calendar November 3 - November 7

Posted on: November 3, 2014
Citylogo.jpg

August sales tax revenue up

Posted on: August 20, 2014
Citylogo.jpg

Sept. 22 City Council meeting summary

Posted on: September 22, 2014
Citylogo.jpg

New system for City news releases

Posted on: August 8, 2014
Citylogo.jpg

City solicits bids for properties

Posted on: July 10, 2014
Citylogo.jpg

July sales tax revenue up

Posted on: July 8, 2014