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October 21, 2014, 8:38 am
970 WMAY News

Pinching Pennies Could Lead to Lower Borrowing Costs at Springfield City Hall


Springfield city officials are hoping their penny-pinching pays off in the near future… on the bond market.

 

As the city has stabilized its finances and improved its cash balances, budget director Bill McCarty hopes that will mean an improved outlook from credit rating agencies.

 

McCarty says that in turn could mean lower borrowing costs when the city sells bonds later this year to fund major infrastructure improvements.

 

Nearly halfway through the fiscal year, McCarty says the city remains on pace to post a large surplus, although he says the bottom line could be affected by ongoing contract negotiations with Springfield firefighters.

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