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Holyoke mayor says city solvent, $30.1 million school loan closed; FY2023 audits pending
Summary
Holyoke City officials told residents the city is not insolvent, has a cash reserve, and recently closed a $30,100,000 loan to fund school capital projects. City leaders said the Commonwealth's only outstanding concern is the timely submission of audit paperwork; FY2023 audits are with outside auditors and will be submitted soon.
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…
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