Springfield municipality gets clean audit report

The city of Springfield has received a clean annual audit report.

Kansas City-based RSM US LLP, the city's independent auditing firm, presented Springfield City Council with an unmodified opinion at a lunch workshop on Tuesday, according to a news release. An unmodified opinion is the highest level given.

City officials said auditors reported findings related to year-end financial reporting, an overstatement of cash and notes payable and the amortization method utilized for bond premiums, but those were addressed and corrected prior to the audit's completion.

“The important perspective to keep in mind is that the city met the audit requirements required by all the accounting standards and generally accepted accounting principles,” Springfield Finance Director David Holtmann said in the release, noting, "The city continues to grow in a fiscally positive manner."

The city's equity, or net position, was $1.3 billion at the end of fiscal 2024, an increase of $106 million from the previous year. The largest portion of the city's net position was $814.5 million for investments in capital assets.

Sales and use tax revenues, which are the largest governmental category, were $185 million, or 52% of total governmental revenues, according to the release.