LAWRENCE, Mass. — City officials are defending Lawrence’s financial health after what they described as misleading claims that Mayor Brian DePeña’s recent personal legal matter has put the city’s finances at risk.
[ Lawrence city council keeps discussion of mayor’s federal charges open to public ]
In a statement released Tuesday, a spokesperson for DePeña’s office said its financial condition remains strong, backed by years of independent audits, healthy reserves, and a solid credit rating.
“The city’s financial condition is determined by its revenues, expenditures, reserves, financial controls, audited financial statements, debt obligations and credit standing, not by political speculation or an individual’s personal legal circumstances,” the statement said.
According to the city, independent audits conducted between fiscal years 2022 and 2025 found Lawrence’s financial statements fairly represented the city’s financial position.
Officials highlighted several financial benchmarks, including a roughly $54.9 million increase in governmental net position during FY2023 and a positive general fund balance in FY2024 after revenues exceeded expenditures.
The city also said the FY2025 audit found no significant difficulties, disagreements with management, or unusual transactions. Officials reported revenues tracking above budget, expenditures below budget, and an anticipated positive year-end balance.
Lawrence further pointed to its A+ credit rating with a stable outlook from S&P Global Ratings as evidence of continued financial strength. City leaders said they were informed that the smaller size of an upcoming deficit-note renewal gave S&P no reason to initiate discussions about the city’s credit rating this year.
Officials maintained that the mayor’s personal legal issues do not affect the city’s finances and said residents should judge the administration’s stewardship based on financial performance, independent audits, and budget results.
The administration also said it has received final FY2025 financial statements from the city’s independent auditor, CBIZ CPAs P.C., and expects the completed audit process to further confirm Lawrence’s strong financial position.
“The audits are the audits. The numbers are the numbers. And the record speaks for itself,” the statement concluded. “Lawrence is financially strong. Lawrence is fiscally responsible. And Lawrence continues to move forward.”
DePeña, 61, was arrested earlier this month on federal wire fraud and money laundering charges.
The U.S. Attorney’s Office for Massachusetts alleges that DePeña obtained more than $1.5 million in COVID small-business loans and used the money for personal and political expenses.
DePeña was first elected mayor in 2021 and was re-elected last year.
He currently remains in office despite those allegations.
Download the FREE Boston 25 News app for breaking news alerts.
Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW