PALO ALTO, Calif., Dec. 12, 2024 /PRNewswire/ — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth quarter and fiscal year ended November 3, 2024, provided guidance for its first quarter of fiscal year 2025 and announced its quarterly dividend.
“Broadcom’s fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware,” said Hock Tan, President and CEO of Broadcom Inc. “Semiconductor revenue was a record $30.1 billion driven by AI revenue of $12.2 billion. AI revenue which grew 220 percent year-on-year was driven by our leading AI XPUs and Ethernet networking portfolio.”
“In fiscal year 2024 adjusted EBITDA increased 37% year-over-year to a record $31.9 billion, and free cash flow excluding restructuring was strong at $21.9 billion,” said Kirsten Spears, CFO of Broadcom Inc. “Based on increased cash flows in fiscal year 2024, we are increasing our quarterly common stock dividend by 11% to $0.59 per share for fiscal year 2025. The target fiscal year 2025 annual common stock dividend of $2.36 per share is a record, and the fourteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011.”
The Company’s cash and cash equivalents at the end of the fiscal quarter were $9,348 million, compared to $9,952 million at the end of the prior quarter.
During the fourth fiscal quarter, the Company generated $5,604 million in cash from operations and spent $122 million on capital expenditures. The Company paid $1,204 million of withholding taxes related to net settled equity awards that vested in the quarter (resulting in the elimination of 7.4 million shares).
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On September 30, 2024, the Company paid a cash dividend on a split adjusted basis of $0.53 per share, totaling $2,484 million.
The differences between the Company’s GAAP and non-GAAP results are described generally under “Non-GAAP Financial Measures” below and presented in detail in the financial reconciliation tables attached to this release.
Fiscal Year 2024 Financial Highlights
GAAP
Non-GAAP
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(Dollars in millions, except per share data)
FY 24
FY 23
Change
FY 24
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FY 23
Change
Net revenue
$
51,574
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$
35,819
+44
%
$
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51,574
$
35,819
+44
%
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Net income
$
5,895
$
14,082
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-$ 8,187
$
23,733
$
18,378
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+$ 5,355
Earnings per common share – diluted *
$
1.23
$
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3.30
-$ 2.07
$
4.87
$
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4.22
+$ 0.65
(Dollars in millions)
FY 24
FY 23
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Change
Cash flow from operations
$
19,962
$
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18,085
+$ 1,877
Adjusted EBITDA
$
31,897
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$
23,213
+$ 8,684
Free cash flow
$
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19,414
$
17,633
+$ 1,781
Net revenue by segment
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(Dollars in millions)
FY 24
FY 23
Change
Semiconductor solutions
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$
30,096
58
%
$
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28,182
79
%
+7
%
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Infrastructure software
21,478
42
7,637
21
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+181
%
Total net revenue
$
51,574
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100
%
$
35,819
100
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%
* On July 12, 2024, the Company completed a ten-for-one forward stock split. All per share amounts presented reflect the stock split.
First Quarter Fiscal Year 2025 Business Outlook
Based on current business trends and conditions, the outlook for the first quarter of fiscal year 2025, ending February 2, 2025, is expected to be as follows:
The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
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Quarterly Dividends
The Company’s Board of Directors has approved a quarterly cash dividend of $0.59 per share. The dividend is payable on December 31, 2024 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 23, 2024.
Financial Results Conference Call
Broadcom Inc. will host a conference call to review its financial results for the fourth quarter and fiscal year 2024 and to discuss the business outlook today at 2:00 p.m. Pacific Time.
To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.
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Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom’s website at https://investors.broadcom.com/.
Non-GAAP Financial Measures
The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Broadcom believes non-GAAP financial information provides additional insight into the Company’s on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company’s on-going operations and enable more meaningful period to period comparisons.
In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company’s underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company’s operations, and benchmarking performance externally against the Company’s competitors. The exclusion of these and other similar items from Broadcom’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.
Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom’s free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.
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About Broadcom
Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom’s category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, go to www.broadcom.com.
This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance, and other statements identified by words such as “will,” “expect,” “believe,” “anticipate,” “estimate,” “should,” “intend,” “plan,” “potential,” “predict,” “project,” “aim,” and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of Broadcom’s management, current information available to Broadcom’s management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, undue reliance should not be placed on such statements.
Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and concerns; government regulations and administrative proceedings, trade restrictions and trade tensions; global political and economic conditions; our acquisition of VMware, Inc., including our ability to realize the expected benefits; any acquisitions or dispositions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; dependence on and risks associated with distributors and resellers of our products; dependence on senior management and our ability to attract and retain qualified personnel; our ability to protect against cyber security threats and a breach of security systems; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; cyclicality in the semiconductor industry or in our target markets; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; prolonged disruptions of our or our contract manufacturers’ manufacturing facilities, warehouses or other significant operations; our ability to accurately estimate customers’ demand and adjust our manufacturing and supply chain accordingly; our ability to continue achieving design wins with our customers, as well as the timing of any design wins; our ability to improve our manufacturing efficiency and quality; involvement in legal proceedings; ability of our software products to manage and secure IT infrastructures and environments; demand for our data center virtualization products and market acceptance of our products and services; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; availability of third-party software used in our products; use of open source software in our products; sales to government customers; our ability to manage products and services lifecycles; quarterly and annual fluctuations in operating results; our competitive performance; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims, or other undetected defects or bugs; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.
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Our filings with the SEC, which are available without charge at the SEC’s website at https://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.
Contact: Ji Yoo Broadcom Inc. Investor Relations 650-427-6000 investor.relations@broadcom.com
(AVGO-Q)
BROADCOM INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
Fiscal Quarter Ended
Fiscal Year Ended
November 3,
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August 4,
October 29,
November 3,
October 29,
2024
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2024
2023
2024
2023
Net revenue
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$
14,054
$
13,072
$
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9,295
$
51,574
$
35,819
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Cost of revenue:
Cost of revenue
3,399
3,133
2,449
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12,788
9,272
Amortization of acquisition-related intangible assets
1,602
1,525
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438
6,023
1,853
Restructuring charges
51
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58
1
254
4
Total cost of revenue
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5,052
4,716
2,888
19,065
11,129
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Gross margin
9,002
8,356
6,407
32,509
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24,690
Research and development
2,234
2,353
1,388
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9,310
5,253
Selling, general and administrative
1,010
1,100
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418
4,959
1,592
Amortization of acquisition-related intangible assets
813
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812
348
3,244
1,394
Restructuring and other charges
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318
303
13
1,533
244
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Total operating expenses
4,375
4,568
2,167
19,046
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8,483
Operating income
4,627
3,788
4,240
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13,463
16,207
Interest expense
(916)
(1,064)
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(405)
(3,953)
(1,622)
Other income, net
52
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82
132
406
512
Income from continuing operations before income taxes
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3,763
2,806
3,967
9,916
15,097
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Provision for (benefit from) income taxes
(442)
4,238
443
3,748
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1,015
Income (loss) from continuing operations
4,205
(1,432)
3,524
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6,168
14,082
Income (loss) from discontinued operations, net of income taxes
119
(443)
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–
(273)
–
Net income (loss)
$
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4,324
$
(1,875)
$
3,524
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$
5,895
$
14,082
Basic income (loss) per share (1):
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…
Income (loss) per share from continuing operations
$
0.89
$
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(0.31)
$
0.85
$
1.33
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$
3.39
Income (loss) per share from discontinued operations
0.03
(0.09)
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–
(0.06)
–
Net income (loss) per share
$
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0.92
$
(0.40)
$
0.85
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$
1.27
$
3.39
Diluted income (loss) per share (1):
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Income (loss) per share from continuing operations
$
0.87
$
(0.31)
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$
0.83
$
1.29
$
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3.30
Income (loss) per share from discontinued operations
0.03
(0.09)
–
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(0.06)
–
Net income (loss) per share
$
0.90
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$
(0.40)
$
0.83
$
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1.23
$
3.30
Weighted-average shares used in per share calculations (1):
Basic
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4,679
4,663
4,133
4,624
4,149
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Diluted
4,828
4,663
4,268
4,778
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4,272
Stock-based compensation expense included in continuing operations:
Cost of revenue
$
159
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$
174
$
62
$
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664
$
210
Research and development
839
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877
448
3,460
1,513
Selling, general and administrative
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316
330
128
1,546
448
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Total stock-based compensation expense
$
1,314
$
1,381
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$
638
$
5,670
$
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2,171
(1) Reflects a ten-for-one forward stock split on July 12, 2024.
BROADCOM INC.
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP – UNAUDITED
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(IN MILLIONS)
Fiscal Quarter Ended
Fiscal Year Ended
November 3,
August 4,
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October 29,
November 3,
October 29,
2024
2024
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2023
2024
2023
Gross margin on GAAP basis
$
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9,002
$
8,356
$
6,407
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$
32,509
$
24,690
Amortization of acquisition-related intangible assets
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1,602
1,525
438
6,023
1,853
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Stock-based compensation expense
159
174
62
664
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210
Restructuring charges
51
58
1
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254
4
Acquisition-related costs
–
–
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–
9
–
Gross margin on non-GAAP basis
$
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10,814
$
10,113
$
6,908
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$
39,459
$
26,757
Research and development on GAAP basis
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$
2,234
$
2,353
$
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1,388
$
9,310
$
5,253
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Stock-based compensation expense
839
877
448
3,460
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1,513
Acquisition-related costs
–
2
–
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3
–
Research and development on non-GAAP basis
$
1,395
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$
1,474
$
940
$
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5,847
$
3,740
Selling, general and administrative expense on GAAP basis
$
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1,010
$
1,100
$
418
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$
4,959
$
1,592
Stock-based compensation expense
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316
330
128
1,546
448
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Acquisition-related costs
86
79
69
537
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252
Selling, general and administrative expense on non-GAAP basis
$
608
$
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691
$
221
$
2,876
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$
892
Total operating expenses on GAAP basis
$
4,375
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$
4,568
$
2,167
$
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19,046
$
8,483
Amortization of acquisition-related intangible assets
813
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812
348
3,244
1,394
Stock-based compensation expense
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1,155
1,207
576
5,006
1,961
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Restructuring and other charges
318
303
13
1,533
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244
Acquisition-related costs
86
81
69
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540
252
Total operating expenses on non-GAAP basis
$
2,003
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$
2,165
$
1,161
$
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8,723
$
4,632
Operating income on GAAP basis
$
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4,627
$
3,788
$
4,240
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$
13,463
$
16,207
Amortization of acquisition-related intangible assets
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2,415
2,337
786
9,267
3,247
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Stock-based compensation expense
1,314
1,381
638
5,670
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2,171
Restructuring and other charges
369
361
14
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1,787
248
Acquisition-related costs
86
81
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69
549
252
Operating income on non-GAAP basis
$
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8,811
$
7,948
$
5,747
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$
30,736
$
22,125
Interest expense on GAAP basis
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$
(916)
$
(1,064)
$
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(405)
$
(3,953)
$
(1,622)
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Loss on debt extinguishment
52
83
–
157
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–
Interest expense on non-GAAP basis
$
(864)
$
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(981)
$
(405)
$
(3,796)
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$
(1,622)
Other income, net on GAAP basis
$
52
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$
82
$
132
$
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406
$
512
(Gains) losses on investments
30
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6
24
12
(11)
Other
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–
–
(1)
–
(1)
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Other income, net on non-GAAP basis
$
82
$
88
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$
155
$
418
$
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500
Provision for (benefit from) income taxes on GAAP basis
$
(442)
$
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4,238
$
443
$
3,748
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$
1,015
Non-GAAP tax reconciling adjustments (1)
1,506
(3,303)
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244
(123)
1,610
Provision for income taxes on non-GAAP basis
$
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1,064
$
935
$
687
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$
3,625
$
2,625
Net income (loss) on GAAP basis
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$
4,324
$
(1,875)
$
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3,524
$
5,895
$
14,082
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Amortization of acquisition-related intangible assets
2,415
2,337
786
9,267
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3,247
Stock-based compensation expense
1,314
1,381
638
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5,670
2,171
Restructuring and other charges
369
361
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14
1,787
248
Acquisition-related costs
86
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81
69
549
252
Loss on debt extinguishment
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52
83
–
157
–
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(Gains) losses on investments
30
6
24
12
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(11)
Other
–
–
(1)
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–
(1)
Non-GAAP tax reconciling adjustments (1)
(1,506)
3,303
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(244)
123
(1,610)
(Income) loss from discontinued operations, net of income taxes
(119)
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443
–
273
–
Net income on non-GAAP basis
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$
6,965
$
6,120
$
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4,810
$
23,733
$
18,378
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Net income (loss) on GAAP basis
$
4,324
$
(1,875)
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$
3,524
$
5,895
$
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14,082
Non-GAAP Adjustments:
Amortization of acquisition-related intangible assets
2,415
2,337
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786
9,267
3,247
Stock-based compensation expense
1,314
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1,381
638
5,670
2,171
Restructuring and other charges
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369
361
14
1,787
248
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Acquisition-related costs
86
81
69
549
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252
Loss on debt extinguishment
52
83
–
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157
–
(Gains) losses on investments
30
6
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24
12
(11)
Other
–
Advertisement
–
(1)
–
(1)
Non-GAAP tax reconciling adjustments (1)
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(1,506)
3,303
(244)
123
(1,610)
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(Income) loss from discontinued operations, net of income taxes
(119)
443
–
273
Advertisement
–
Other Adjustments:
Interest expense
864
981
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405
3,796
1,622
Provision for income taxes on non-GAAP basis
1,064
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935
687
3,625
2,625
Depreciation
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156
149
124
593
502
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Amortization of purchased intangibles and right-of-use assets
40
38
22
150
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86
Adjusted EBITDA
$
9,089
$
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8,223
$
6,048
$
31,897
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$
23,213
Weighted-average shares used in per share calculations – diluted on GAAP basis (2)
4,828
4,663
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4,268
4,778
4,272
Non-GAAP adjustment (3)
77
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254
82
99
81
Weighted-average shares used in per share calculations – diluted on non-GAAP basis
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4,905
4,917
4,350
4,877
4,353
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Net cash provided by operating activities
$
5,604
$
4,963
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$
4,828
$
19,962
$
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18,085
Purchases of property, plant and equipment
(122)
(172)
(105)
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(548)
(452)
Free cash flow
$
5,482
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$
4,791
$
4,723
$
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19,414
$
17,633
Fiscal Quarter Ending
February 2,
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Expected average diluted share count:
2025
Weighted-average shares used in per share calculation – diluted on GAAP basis (2)
4,828
Non-GAAP adjustment (3)
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68
Weighted-average shares used in per share calculation – diluted on non-GAAP basis
4,896
(1) Non-GAAP tax reconciling adjustments included a one-time discrete non-cash tax provision of $4.5 billion from the impact of an intra-group transfer of certain IP rights to the United States as a result of supply chain realignment for the fiscal quarter ended August 4, 2024 and the fiscal year ended November 3, 2024.
(2) Reflects a ten-for-one forward stock split on July 12, 2024.
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(3) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. For the fiscal quarter ended August 4, 2024, non-GAAP adjustment included the dilutive effect of the equity awards that were antidilutive on a GAAP basis.
BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED
(IN MILLIONS)
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November 3,
October 29,
2024
2023
ASSETS
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Current assets:
Cash and cash equivalents
$
9,348
$
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14,189
Trade accounts receivable, net
4,416
3,154
Inventory
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1,760
1,898
Other current assets
4,071
1,606
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Total current assets
19,595
20,847
Long-term assets:
Property, plant and equipment, net
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2,521
2,154
Goodwill
97,873
43,653
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Intangible assets, net
40,583
3,867
Other long-term assets
5,073
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2,340
Total assets
$
165,645
$
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72,861
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
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1,662
$
1,210
Employee compensation and benefits
1,971
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935
Current portion of long-term debt
1,271
1,608
Other current liabilities
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11,793
3,652
Total current liabilities
16,697
7,405
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Long-term liabilities:
Long-term debt
66,295
37,621
Other long-term liabilities
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14,975
3,847
Total liabilities
97,967
48,873
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Stockholders’ equity:
Preferred stock
–
–
Common stock
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5
4
Additional paid-in capital
67,466
21,095
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Retained earnings
–
2,682
Accumulated other comprehensive income
207
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207
Total stockholders’ equity
67,678
23,988
Total liabilities and equity
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$
165,645
$
72,861
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED
(IN MILLIONS)
Fiscal Quarter Ended
Fiscal Year Ended
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November 3,
August 4,
October 29,
November 3,
October 29,
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2024
2024
2023
2024
2023
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Cash flows from operating activities:
Net income (loss)
$
4,324
$
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(1,875)
$
3,524
$
5,895
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$
14,082
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of intangible and right-of-use assets
2,455
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2,375
808
9,417
3,333
Depreciation
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156
149
124
593
502
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Stock-based compensation
1,314
1,388
638
5,741
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2,171
Deferred taxes and other non-cash taxes
(868)
3,638
639
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1,965
(501)
Loss on debt extinguishment
52
83
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–
157
–
Non-cash interest expense
91
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115
34
427
132
Other
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138
158
27
404
9
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Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net
249
835
(231)
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2,327
(187)
Inventory
134
(52)
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(56)
150
27
Accounts payable
(85)
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373
215
121
209
Employee compensation and benefits
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196
291
103
78
(279)
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Other current assets and current liabilities
(1,410)
(1,345)
(694)
(5,323)
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(628)
Other long-term assets and long-term liabilities
(1,142)
(1,170)
(303)
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(1,990)
(785)
Net cash provided by operating activities
5,604
4,963
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4,828
19,962
18,085
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired
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–
(2)
(36)
(25,978)
(53)
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Proceeds from sale of business
–
3,485
–
3,485
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–
Purchases of property, plant and equipment
(122)
(172)
(105)
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(548)
(452)
Purchases of investments
(30)
(73)
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(58)
(175)
(346)
Sales of investments
20
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5
154
156
228
Other
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–
2
(79)
(10)
(66)
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Net cash provided by (used in) investing activities
(132)
3,245
(124)
(23,070)
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(689)
Cash flows from financing activities:
Proceeds from long-term borrowings
4,969
4,975
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–
39,954
–
Payments on debt obligations
(7,472)
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(9,202)
(143)
(19,608)
(403)
Payments of dividends
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(2,484)
(2,452)
(1,904)
(9,814)
(7,645)
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Repurchases of common stock – repurchase program
–
–
(123)
(7,176)
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(5,824)
Shares repurchased for tax withholdings on vesting of equity awards
(1,204)
(1,350)
(454)
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(5,216)
(1,861)
Issuance of common stock
126
–
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59
190
122
Other
(11)
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(36)
(5)
(63)
(12)
Net cash used in financing activities
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(6,076)
(8,065)
(2,570)
(1,733)
(15,623)
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Net change in cash and cash equivalents
(604)
143
2,134
(4,841)
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1,773
Cash and cash equivalents at beginning of period
9,952
9,809
12,055
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14,189
12,416
Cash and cash equivalents at end of period
$
9,348
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$
9,952
$
14,189
$
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9,348
$
14,189
Supplemental disclosure of cash flow information:
Cash paid for interest
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$
738
$
816
$
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397
$
3,250
$
1,503
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Cash paid for income taxes
$
832
$
585
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$
191
$
3,155
$
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1,782
Cision
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A hidden financial discovery exposed the scale of debt inside a long-running marriage. Anne, a caller from Pittsburgh, reached out to “The Ramsey Show” for guidance after uncovering $209,000 in credit card balances. Married for 19 years and now in her 50s, she said the balances accumulated without her knowledge. She said her husband managed nearly all household finances. Anne added that her name was not on the primary bank account. She had no online access, and both personal and business expense
In early January 2026, President Donald Trump directed government representatives, widely understood to include Fannie Mae and Freddie Mac, to purchase US$200 billion in mortgage-backed securities to push mortgage rates and monthly payments lower. Beyond its housing affordability goal, the move highlights how heavily the administration is leaning on government-sponsored enterprises like Fannie Mae to influence credit conditions and the mortgage market’s structure. With this large-scale…
HOLYOKE — The City Council has advanced plans to create a finance and administration department, voting to send proposed changes to a subcommittee for further review.
The move follows guidance from the state Division of Local Services aimed at strengthening the city’s internal cash controls, defining clear lines of accountability, and making sure staff have the appropriate education and skill level for their financial roles.
On Tuesday, Councilor Meg Magrath-Smith, who filed the order, said the council needed to change some wording about qualifications based on advice from the human resources department before sending it to the ordinance committee for review.
The committee will discuss and vote on the matter before it can head back to the full City Council for a vote. It meets next Tuesday. The next council meeting is scheduled for Jan. 20.
On Monday, Mayor Joshua Garcia said in his inaugural address that he plans to continue advancing his Municipal Finance Modernization Act.
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Last spring, Garcia introduced two budget plans: one showing the current $180 million cost of running the city, and another projecting savings if Holyoke adopted the finance act.
Key proposed changes include realigning departments to meet modern needs, renaming positions and reassigning duties, fixing problems found in decades of audits, and using technology to improve workflow and service.
Garcia said the plan aims to also make government more efficient and accountable by boosting oversight of the mayor and finance departments, requiring audits of all city functions, enforcing penalties for policy violations, and adding fraud protections with stronger reporting.
Other steps included changing the city treasurer from an elected to an appointed position, a measure approved in a special election last January.
Additionally, the city would adopt a financial management policies manual, create a consolidated Finance Department and hire a chief administrative and financial officer to handle forecasting, capital planning and informed decision-making.
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Garcia said that the state has suggested creating the CAFO position for almost 20 years and called on the City Council to pass the reform before the end of this fiscal year, so that it can be in place by July 1.
In a previous interview, City Council President Tessa Murphy-Romboletti said nine votes were needed to adopt the financial reform.
She also said past problems stemmed from a lack of proper systems and checks, an issue the city has dealt with since the 1970s.
The mayor would choose this officer, and the City Council will approve the appointment, she said.
In October, the City Council narrowly rejected the finance act in an 8-5 vote.
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Supporters ― Michael Sullivan, Israel Rivera, Jenny Rivera, Murphy-Romboletti, Anderson Burgos, former Councilor Kocayne Givner, Patti Devine and Magrath-Smith ― said the city needs modernization and greater transparency.
Opponents ― Howard Greaney Jr., Linda Vacon, former Councilors David Bartley, Kevin Jourdain and Carmen Ocasio — said a qualified treasurer should be appointed first.
Vacon said then the treasurer’s office was “a mess,” and that the city should “fix” one department before “mixing it with another.”
The City Council also clashed over fixes, as the state stopped sending millions in monthly aid because the city hadn’t finished basic financial paperwork for three years.
The main problem came from delays in financial reports from the treasurer’s office.
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Holyoke had a history of late filings. For six of the past eight years, the city delayed its required annual financial report, and five times in the past, the state withheld aid.
Council disputes over job descriptions, salaries and reforms also stalled progress.
In November, millions in state aid began flowing back to Holyoke after the city made some progress in closing out its books.
The state had withheld nearly $29 million for four months but even with aid restored, Holyoke still faces big financial problems, the Division of Local Services said.
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