SPRINGFIELD, Mass. (WWLP) – The City of Springfield now has an additional $11 million in its rainy day fund. That brings the total emergency savings for the city to $40 million.
Springfield’s Finance Director T.J. Plante told 22News that through a combination of saving money and some unexpected revenue that came in, the City ended up with a surplus of $14 million.
Plante said the City cut out some unnecessary expenses and then collected money through motor vehicle taxes, a reimbursement from the state for busing homeless children to schools and a reimbursement from FEMA. Monday night.
According to City Councilor Tim Allen, “The City’s budget, running as efficiently as it apparently did, its good news. That way it gets us to up around $40 million and gives us some head room and we haven’t had in a while.”
$3 million of the surplus will be put aside for expected higher electric bills and any extraordinary snow and ice removal this winter.