On June 30, 2009, the Springfield Finance Control Board was dissolved and local governance was restored to the Springfield municipal government.
"The five-member team of high-caliber individuals, who are experts in their respective fields, conducts the official business of the Springfield Finance Control Board (FCB). This team will work together to effectively implement a sound recovery plan to secure the long-term financial stability of the City of Springfield, Massachusetts."
The Finance Control Board (FCB) took charge of the City of Springfield on June 30, 2004 and has been extended to continue until June 30, 2009.
Purpose of the FCB
"There shall be in the city of Springfield a finance control board, in this act called the board, which shall consist of 5 members: 3 designees of the secretary of administration and finance, the mayor of the city of Springfield, and the president of the city council of the city of Springfield. The board shall act by a majority vote of all its members. The secretary for administration and finance, in this act called the secretary, may fix stipends to be paid to members of the board other than the mayor and president of the city council of Springfield, which stipends shall be paid from directly from the trust established in section 2. The board shall initiate and assure the implementation of appropriate measures to secure the financial stability of the city, and shall continue in existence until June 30, 2007, and thereafter for such period as the members may vote to continue its existence, provided however that the secretary of administration and finance may at any time abolish the board. The board shall be a state agency for the purpose of chapter 268A of the General Laws." The complete document can be found here.
The Control Board's term extended until June 2009.