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Springfield Township SD finance committee reviews 3.5% first-look tax increase, $1.2M budget gap
Summary
At a Feb. 26 finance committee meeting, district finance staff presented a first-look 2026–27 budget built on a 3.5% tax increase that would generate about $1.8 million; anticipated expenditures of about $78.6 million leave a roughly $1.2 million gap to be covered from fund balance. Staff also reported a competitive refunding of 2018 bonds that produced about $1.6 million in savings to be smoothed across future years.
Miss Green, the district finance presenter, told the finance committee on Feb. 26 that the district’s first-look 2026–27 budget assumes a 3.5% real-estate tax increase that would generate roughly $1.8 million and that anticipated expenditures total about $78.6 million against projected revenues of about $77.4 million, leaving a roughly $1,200,000 gap to be covered from fund balance.
The budget presentation combined a year-to-date finance update with the first-look numbers. "We are at about 62,400,000 or 83.4% of our revenues have been collected," Miss Green said, and she noted the district has expended about $44,400,000, or approximately 58.5% of the budget to date. She emphasized the timing mismatch between tax collections (heavy August–December) and personnel costs that begin when teachers return in September.
Why it matters: the district begins the coming fiscal year with a sizable fund balance (Miss Green noted it was "almost at $20,000,000") but is aiming to reduce reliance on those reserves. Dr. Yannacone, a district administrator, said the…
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