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Springfield plans to use investment income to offset property taxes
The metropolis of Springfield, Massachusetts is banking on an investment decision to aid reduce residence taxes following calendar year. The city will invest $45 million from its stabilization reserves, or “rainy day” fund, in significant-yield, minimal danger, Federal Treasury Notes and use the return on the financial commitment, which is calculated to be just around $2 million, to cut down the home tax levy by that amount up coming 12 months, introduced Mayor Domenic Sarno. “It’s sensible, it’s prudent, it is risk-free,” he claimed. He said following the city buys the 1-year Treasury Notes there will be $5 million remaining in the stabilization account for emergencies and a lot more…