Springfield’s $21 million in certified free cash will pay off past debts and reduce taxes

SPRINGFIELD — Strong returns on investments left the city with $21.2 million in free cash; that tops last year’s total by nearly $2 million.

Although the money was approved less than three weeks ago, the city has already allocated more than $6 million for different expenses.

Free cash is money collected over the past year from revenues from fees such as building permits, as well as from funds that were budgeted but not spent for various reasons, such as not filling vacant positions.