made possible by Citizens for the Revitalization and Urban Success of Holyoke
The Case for my Candidacy
Dear Voter,
Recently audits of the treasurer’s office identified the need to remedy several specified administrative functions within the office. While the areas referenced focus on a minor portion of my duties and responsibilities as Treasurer, the audits criticism has generated an enormous amount of negative press. Let me be clear in my response: I accept and acknowledge the criticism and I have worked hard to correct and resolve all the issues identified.
This is only part of the story, however. What has not been so widely discussed and reported is this: Approximately $325 million dollars flow through my office annually. I manage the cash, meet payroll and pay Holyoke’s obligations. I invest your tax dollars and issue bonds when the city needs money. Since becoming Treasurer, we have realized over $21 million dollars in investment income.
The Commonwealth of Massachusetts is bleeding cash while raising taxes and the Federal government has huge deficits. Holyoke has $9.8 million dollars in its stabilization fund. We are the envy of many municipalities because we have successfully managed our money, using good judgment gleaned from experience and years of hard work.
Moody’s Investors Service recently wrote in their credit analysis; “Favorably, Holyoke’s financial position is significantly augmented when considering the Stabilization Fund with a balance of $9.3 million in fiscal 2008, which has grown from $8.2 million in fiscal 2005.”
I have dealt with Wall Street in negotiating 13 different bond issues on behalf of Holyoke totaling $200 million dollars; nine of those were restructuring of old debt which saved you $5 million dollars of interest payments.
I graduated from Boston University with a business degree and have been proud to dedicate my adult life to the business and fabric of the City I love. I have successfully managed your tax dollars in good and bad economies. I ask that you give me your vote on November 3rd and allow me to continue to serve our great City of Holyoke.
Sincerely,
David B. Donoghue
Recently audits of the treasurer’s office identified the need to remedy several specified administrative functions within the office. While the areas referenced focus on a minor portion of my duties and responsibilities as Treasurer, the audits criticism has generated an enormous amount of negative press. Let me be clear in my response: I accept and acknowledge the criticism and I have worked hard to correct and resolve all the issues identified.
This is only part of the story, however. What has not been so widely discussed and reported is this: Approximately $325 million dollars flow through my office annually. I manage the cash, meet payroll and pay Holyoke’s obligations. I invest your tax dollars and issue bonds when the city needs money. Since becoming Treasurer, we have realized over $21 million dollars in investment income.
The Commonwealth of Massachusetts is bleeding cash while raising taxes and the Federal government has huge deficits. Holyoke has $9.8 million dollars in its stabilization fund. We are the envy of many municipalities because we have successfully managed our money, using good judgment gleaned from experience and years of hard work.
Moody’s Investors Service recently wrote in their credit analysis; “Favorably, Holyoke’s financial position is significantly augmented when considering the Stabilization Fund with a balance of $9.3 million in fiscal 2008, which has grown from $8.2 million in fiscal 2005.”
I have dealt with Wall Street in negotiating 13 different bond issues on behalf of Holyoke totaling $200 million dollars; nine of those were restructuring of old debt which saved you $5 million dollars of interest payments.
I graduated from Boston University with a business degree and have been proud to dedicate my adult life to the business and fabric of the City I love. I have successfully managed your tax dollars in good and bad economies. I ask that you give me your vote on November 3rd and allow me to continue to serve our great City of Holyoke.
Sincerely,
David B. Donoghue
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