City Treasurer

Welcome!

The City Treasurer is an elected position that has a term of four years.  The City Treasurer provides a direct voice of the people regarding the management of all cash and all invested public funds. In general, the Treasurer's office provides banking and investment services with minimum service cost and maximum yield on investments.

The office of the Treasurer is responsible for receipt, accurate accounting, disbursement of all funds both public and trust accounts, and prudent investment of all City funds in order to maximize yields while maintaining adequate liquidity. The Treasurer’s office receives all monies which come into the city, pays all bills, including payroll; is responsible for the administration of employee health and life insurance programs; works with the Assessor's, Tax Collector, and City Auditor’s departments to ensure the smooth and efficient operation of the City’s finances. 


In addition, the Treasurer is responsible for investing the City’s funds in accordance with guidelines imposed by Ch. 44, Sec. 55, of Massachusetts General Laws. The Treasurer executes all short and long-term borrowing, which the Mayor has authorized, with approval of the City Council.


The Treasurer manages the City’s property, which is in Tax Title or Foreclosure. The Treasurer's Office places all outstanding taxes on agreements to be paid in a timely manner. If payments are not made or no agreement can be reached, a foreclosure process is done. Delinquent property is turned over to the Treasurer annually, when the Tax Collector does a tax taking; i.e., puts a lien on the property.

By virtue of the office, the City Treasurer is also the Treasurer of the Holyoke Retirement Board, Holyoke Gas & Electric, and the Whiting Street Fund.

For a more detailed understanding of the Duties and Responsibilities of the Treasurer please read this Excerpt of MCTA Treasurer (Chapter 2 Duties & Responsibilities of the City Treasurer)

 

Katherine Jackowski - Assistant Treasurer

(413) 322-5560 Ext 5034

JackowskiK@holyoke.org

Kayla Rodriguez - Deputy Treasurer

(413)322-5560 Ext 5037

rodriguezk@holyoke.org

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                              TOWN

1850                John M. Chapin

1851-1852       Henry S. Babbit

1852-1866       Gustavus Snow (combined with Town Clerk)

1867-1868       E. H. Flagg (combined with Town Clerk)

1869-1871       Robert B. Johnson

1872-1873       Charles W. Ranlet

 

                       CITY

1873-1876       Charles W. Ranlet

1876-1877       Hon William B. Whiting

1877-1879       Charles W. Ranlet

1879                James R. Howes

1880-1884       Charles W. Ranlet

1885                Edwin L. Munn

1886                Oscar Ely

1887-1889       Edwin L. Munn

1890-1892       Hon Dennie L. Farr

1893-1931       Pierre Bonvouloir

1931-1943       Lionel Bonvouloir

1944-1972       Joseph Lucey

1972                Rita M. Leary

1973                Anne E. Savacheck

1974-1988       Daniel R. Owens

1988-2009       David B. Donoghue

2010-2015       Jon D. Lumbra

2015-              Sandra A. Smith (Acting)

 

On at least an annual basis, the City issues debt to finance capital projects, including streets, schools, storm-water, water utility, sanitary sewer, and power utility. In connection with the City’s most recent borrowing, the City requested a rating from Standard & Poor’s Rating Service. Standard & Poor’s affirmed a rating of AA to the City’s long term debt and A+ to it’s newest issue . The Standard & Poor’s rating report indicates the rating reflects the City’s sizable, diverse and affluent tax base, strong financial position, and low debt levels. A copy of the Standard & Poor’s credit report can be reviewed on below at the end of part 2.

 

Outstanding Debt as of June 30, 2014, including subsequent Issues Part 1 of 2

Outstanding Debt as of June 30, 2014, including subsequent Issues Part 2 of 2

IRC 457(b) Deferred Compensation Plans

Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).

Who can establish a 457(b) plan?

The organization must be a state or local government or a tax-exempt organization under IRC 501(c).

How do 457(b) plans work?

Employers or employees through salary reductions contribute up to the IRC 402(g) limit ($17,500 in 2014 and $18,000 for 2015) on behalf of participants under the plan.

What are the advantages of participating in a 457(b) plan?

There are significant tax advantages for participants in a 457(b) plan:

  • Contributions to a 457(b) plan are tax-deferred.
  • Earnings on the retirement money are tax-deferred.

Can a 457(b) plan include designated Roth accounts?

A governmental 457(b) plan may be amended to allow designated Roth contributions and in-plan rollovers to designated Roth accounts starting 2011.

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their plans in 2015

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement related items for tax year 2015.  Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.  However, other limitations will remain unchanged because the increase in the index did not meet the statutory thresholds that trigger their adjustment.  Highlights include the following:

  • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000.
  • The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $5,500 to $6,000.

 

Great West (State Plan 457) MassMutual 457

MassMutual 457 FICA

(Part Time Employees Only)

MassMutual 403B

(School Department Only)

Enrollment Form 457 Enrollment Form 457 FICA Enrollment Form 403b Salary Deferral Agreement
Beneficiary Designation Form 457 Beneficiary Designation Withdrawal Request Form 403b Beneficiary Designation
Paycheck Contribution Election 457 Contribution Change Form   403b Contribution Change Form
Catch-Up Form Catch-Up Form   15 Year Rule Form
Withdrawal Request      

 

Department Head

Sandy Smith

City Treasurer (acting)

Office Address

City Hall
536 Dwight Street
Room 17
Holyoke, MA 01040-5019 Map

Contact Info

(413) 322-5560

(413) 322-5561 (fax)

SmithS@holyoke.org

Office Hours

Monday - Friday
8:30 am - 4:30 pm

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Posted on December 27, 2012 by