Springfield Mayor Released 2015 Budget; Saves 1%Posted:
Springfield - In a time when pennies are short, and dollars are stretched, city governments are doing what they can to lower expenses.
The city of Springfield's fiscal year 2015 budget will call for a 1% reduction in spending, which is roughly $1M.
City of Springfield budget director Bill McCarty said the balanced plan will be lean, and create financial stability the city hasn't seen in recent years.
"This budget was put together under the philosophy that mayor Houston has of austerity. We have put together very conservative budgets, to try and diminish spending in the three years he's been here, and we continue to try and do that as we look to stabilize the finances in the city of Springfield that quite frankly, when he took his office, were having a lot of issues," McCarty told WAND News.
By continuing to lower the budget every year, director McCarty said that the city can save money, and that can come in very handy should the economy see struggles once again.
"Number one, we've been working to get the finances back on track in terms of building up our reserves and liquidity. When the mayor came into office, we had an average daily cash balance of negative $3.5M per year. The reason it's very important to improve your liquidity and to improve your reserves is so that if you run into a problem down the road, if we run into another hiccup with the economy, we're prepared to deal with it. We won't have to do a lot of layoffs. We shouldn't have to do any cuts in services," said McCarty.
Allowing the city to do more with less.