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Springfield City Council received an unmodified opinion, the highest level given, on the City's financial statement audit from the City's independent auditing firm, RSM, at a Council Lunch Workshop on Tuesday. The firm indicated that the audit showed no material weaknesses, significant deficiencies, or compliance issues.
RSM also audited compliance of the City's grant programs. In FY 2021, the City spent $38.5 million in federal grant funds. The auditors found no significant deficiencies or material weaknesses when reviewing the City's compliance with the major federal grant programs.
The City's Finance Department prepares the Annual Comprehensive Financial Report (ACFR) each year, in compliance with the City Charter, which requires an annual report to the City Council on the financial condition of the City.
The equity of the City at the close of the 2021 fiscal year was just over $1 billion, an increase of $74 million over last year. This is also referred to as net position. Governmental activities increased the City's net position by $47.4 million. Sales and use tax revenues, the largest governmental category, were about $148 million, or 59%, of total governmental revenues. Revenues from governmental activities totaled $250 million, or 71%, of the total City revenues. Sales tax increased approximately $12 million from last year due to federal monies injected into the economy in response to the COVID-19 pandemic.
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The largest portion of the City's net position, $696.1 million (67%), reflects its investments in capital assets, e.g., land, construction in progress, buildings, improvements, machinery and equipment and infrastructure, less any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.
An additional portion of the City's net position, $57.2 million (6%), represents resources that are subject to external restrictions on how they may be used. The remaining balance of the City's net position, $285 million (27%), represents unrestricted net position that may be used to meet the City's ongoing obligations to citizens and creditors.
The Coronavirus Fiscal Recovery Fund is a new fund for fiscal year 2021. The American Rescue Plan Act of 2021 (ARPA) was signed into law March 11. The goal is to provide needed relief to local governments, among others, to enable them to continue to support the public health response and lay the foundation for a strong and equitable economic recovery. It will also provide resources to invest in infrastructure including water, sewer, and broadband services.
The City was awarded $40.3 million in coronavirus state and local fiscal recovery funds. The first payment of $20.1 million was received in June. No ARPA-related expenditures had been incurred as of June 30; therefore, the amount received is reflected as unearned revenue.
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The Finance Department received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for the 44th consecutive year for the 2020 ACFR. The department also received the GFOA Distinguished Budget Award for the 16th consecutive year for the 2022 budget presentation.
"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.
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For more information, please call Finance Director David Holtmann at 417-864-1632, or Assistant Director of Public Information and Civic Engagement Melissa Haase at 417-536-7648 or [email protected]
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