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City Council certifies free cash, hears manager's State of the City and approves appropriation
Summary
City Manager Golden reviewed FY2024 finances and a free cash certification; council voted to appropriate funds and placed a suite of financial and ARPA reports on file.
City Manager Golden presented the city's FY2024 review and free cash certification and the City Council voted to appropriate funds at its February 2025 meeting.
The manager told the council that Moody's upgraded Lowell's credit rating in 2024 and that the city's stabilization fund will reach a record $16,900,000 after the appropriation. "Our free cash that is before you this evening is poised to tackle some of the thorniest issues that has evaded Lowell for decades," he said.
Why it matters: The council's action formalizes how unspent prior-year revenues and reserves will be allocated for capital maintenance, ARPA-supported projects and operating priorities; councilors and staff framed the vote as enabling repairs to municipal buildings, school facilities and infrastructure while preserving reserves…
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