Mayor (name not provided) opened a press conference saying the city is not insolvent and that “Holyoke's not running out of money,” citing a city treasurer-built cash reserve that officials say will cover payroll and vendor payments without interruption. He told residents that trash collection, school operations, and emergency services will continue.

The mayor said there are no missing funds and no findings from state or independent auditors alleging waste, fraud or abuse; he said the only issue raised by the Commonwealth of Massachusetts is the timely submission of paperwork to the Division of Local Services, a matter the city is addressing. “The only issue raised by the Commonwealth of Massachusetts relates to the timely submission of paperwork, a matter we are actively addressing,” he said.

Officials pointed to recent bond and borrowing activity as evidence of continued market access. The mayor said Standard & Poor's affirmed the city's rating earlier this year and that Moody's temporarily removed an underlying rating last fall before issuing a high rating in September. He announced the city closed on a $30,100,000 loan last Friday to fund critical capital expenses for ongoing school-improvement projects and said the issuance carried “the lowest interest rate Holyoke has seen in over a decade.”

City Treasurer Rory Casey, who answered technical questions at the briefing, said the city has averaged about 5.5% interest rates over the past decade but that the most recent issuance carried an interest rate “of just over 2%,” producing “considerable savings, millions of dollars, in the grand scheme of things.” He said the FY2023 books are largely complete and currently under outside-auditor review; once finalized they will be submitted to the state, and the city expects to be able to submit FY2024 thereafter.

Treasurer Casey also described a proposed set of council orders the mayor will introduce to create a special emergency fund. He said the administration intends to request a starting transfer of roughly $100,000 and to grow the fund—through interest earnings and private donations—to more than $1 million, with council approval required for use. Officials characterized this as a preparedness measure rather than a replacement for routine budget authority.

City officials repeated that while some state restrictions are beginning to lift, long-term structural reforms remain necessary and the city is working to meet state deadlines. The mayor urged cooperation with the City Council on any proposed orders and noted that final policy changes would depend on council action.

The press conference included a short question-and-answer period on the loan terms and audit timing; there were no formal votes or council actions taken at the event.