At the close of each fiscal year, Massachusetts General Law (MGL) requires the City of Springfield to publish a complete set of financial statements in conformity with accouting principles generally accepted in the United States of America (GAAP), and that are audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby issue the Comprehensive Annual Financial Report (CAFR) of the City of Springfield, Massachusetts, for the fiscal year ending June 30.
The City continues its efforts of transparency with its finances and management of costs by releasing Quarterly Financial and Performance reports to the City Council and its Residents. These documents are intended to serve as a regular update of the financial and performance condition of the City. The comprehensive report includes balance sheets, year to date spending and revenue figures, a year end forecast, a summary of grants received, as well as a progress report of the City’s performance targets.
In the interest of providing the citizens of Springfield more information on city finances, a Taxpayer Monthly Statement has been created. Citizens will now be able to track how the city is tracking against its budget month-by-month.Revenue and expense highlights are spelled out at the beginning of the statement. These highlights provide some insight into recent activity. All items listed on the statement are explained. Please see the footnotes for their definition or explanation.
The concept of fiscal transparency is put into action when information is shared with all members of the community. The Taxpayer Monthly Statement is shared with the taxpayers to build an understanding of the city’s finances, and to build trust that our city is opening the books and sharing the information it should. Thanks to our taxpayers for their belief, their trust, and their continual investment in Springfield.
Thanks to City Comptroller Patrick Burns and City Councilor Timothy C. Allen for their work in preparing the Taxpayer Monthly Statement.