Springfield earns clean audit opinion

Chicago-based RSM US LLP issued the highest possible audit opinion to the city of Springfield.

Springfield received an unmodified opinion from RSM, the independent auditing firm under contract with the city. The audit found no material weaknesses, major deficiencies or compliance issues. The city qualified as a “low-risk” auditee, meaning it had no identified deficiencies for more than three years in a row, according to a news release.

“We are paying down our debt. We are dealing with volatile revenue sources such as sales tax,” Springfield City Manager Greg Burris said in the release. “All are indicators of the city’s strong financial health.”

Required under city charter, the audit follows the submission of Springfield’s comprehensive annual financial report for the fiscal year ended June 30.

As of June 30, the city’s equity, or net position, was $860 million, an increase of $30.7 million from the end of fiscal 2016. The largest portion, $653.5 million, or 76 percent, made up investments in capital assets such as land, buildings and equipment, according to the release.

City officials cited a drop in sales taxes and a slowing economy for a $743,000 decrease in the general fund balance to $25.9 million.