Press Release, Contact: Jim Leydon, Communications Director
Springfield Releases Multi-Year Financial and Capital Improvement Plans
March 30, 2015 -Springfield, MA- Mayor Domenic J. Sarno and Chief Administrative and Financial Officer (CAFO) T. J. Plante today released the City of Springfield’s Multi-Year Financial Plan (FY16-FY19) and the City’s Five Year Capital Improvement Plan (FY16-FY20). The City of Springfield is governed by strict financial policies adopted as ordinances in September of 2009. Section 4.44.020 (G) stipulates that:
“The chief administrative and financial officer shall produce and issue a four (4) year financial plan for the city by March 30th of each year. Said plan shall be comprised of reasonable revenue estimates and all expenditures the city may reasonably experience during said period. All assumptions contained in the forecasts shall be clearly presented within the forecast document.”
Mayor Domenic J. Sarno stated “AA- bond rating from Standard and Poor’s and an A2 rating with a positive outlook from Moody’s are evidence of the disciplined and transparent process we have here in Springfield. It is also why it is imperative that we plan prudently with the long term financial health of the City at the forefront of our planning and spending decisions, these documents provide a roadmap for both.”
Developing the annual budget is the most important task for the for the City as it sets priorities, addresses the needs of our residents and businesses, as well as, allocates limited resources to provide services in the most efficient way possible.
CAFO T. J. Plante stated, “Over the past several years we have maintained strict budget discipline while planning for the future in the years following the ’great recession’. While times are still tight we look forward to the future and the opportunity Springfield’s renaissance will afford our residents and businesses.”
The City’s Multi-Year Financial Plan (FY16-FY19) and Five Year Capital Improvement Plan (FY16-FY20) can be viewed on-line on the City’s web-site: www.Springfieldcityhall.com.