Springfield, MA Mayor Announces FY24 Budget Recommendation with $877.9 Million Total

Strategic Insights -

Mayor Domenic J. Sarno, along with Chief Administrative and Financial Officer (CAFO) TJ Plante and other city officials, has announced the Fiscal Year 2024 (FY24) budget recommendation for the city of Springfield, Massachusetts. The proposed budget of $877.9 million represents a 7.2% increase over the FY23 adopted budget, driven by a 9.7% increase in Chapter 70 State Aid to support Springfield Public Schools. This budget aims to maintain and support current programming while prioritizing public safety, public education, economic development, and community services.

Key Takeaways:

  • The FY24 budget recommendation totals $877.9 million, a 7.2% increase over the FY23 adopted budget.
  • The increase is primarily due to a 9.7% increase in Chapter 70 State Aid to support Springfield Public Schools.
  • The school department budget increased 7.9% overall, while the city side growth was at 5.8%.
  • The city's stabilization reserve account sits at over $50 million, achieving a balanced budget for the ninth consecutive year without using stabilization or 'rainy day' reserve funds.
  • Springfield has received the "Distinguished Budget Award" for the 15th year in a row and the "Certificate of Excellence in Financial Reporting" for the 11th consecutive year from the Government Finance Officers Association.
  • The budget maintains and supports all current programming, with a focus on public safety, public education, economic development, healthy neighborhoods, and community services.
  • Additional services included in the FY24 budget recommendation are the expansion of the East Forest Park Library's hours, additional hours for the East Forest Park Library and Mason Square Library Community Rooms, increased outreach funding for the Health Department and Emergency Communications Department, the creation of the ROCA Clean Sweep Initiative, and an additional 17 preschool classrooms in public schools across the City.

Statistics:

  • FY24 budget recommendation: $877.9 million
  • Increase over FY23 adopted budget: 7.2%
  • Chapter 70 State Aid increase: 9.7%
  • School department budget increase: 7.9%
  • City side growth: 5.8%
  • Stabilization reserve account: over $50 million
  • Years without using stabilization or 'rainy day' reserve funds: 9
  • "Distinguished Budget Award" years: 15
  • "Certificate of Excellence in Financial Reporting" years: 11

Sources:

  • "Mayor Domenic J. Sarno's Office" news release, no date given