At the May 22 meeting, Springfield Schools Treasurer Ryan Lockwood provided the board of education with an updated five-year forecast.
For this fiscal year, which ends June 30, expenditures of $45.23 million outpaced revenues of $44.84 million by $1.37 million. The cash balance on June 30, 2024 will be $18.78 million.
The treasurer anticipates the trend will continue through fiscal year 2028 when revenues are estimated at $37.53 million and expenditures, $48.99 million. In that year, expenses will outpace revenues by $11.46 million, and the cash balance will be in the negative by $14.36 million.
Through 2026 he expects the district to maintain a positive cash balance, although it will dwindle to $8.1 million in 2026. The following year the treasurer projects a negative balance of $2.89 million.
Lockwood pointed out that the figures are just an estimate based on the data currently available.
He added that preparing an accurate five-year forecast is difficult when state funding is uncertain from fiscal years 2026 and beyond due in part to the gubernatorial election.
