City of Troy Files Annual Updated Document with Office of the State Comptroller for FY 2016

City of Troy Files Annual Updated Document with Office of the State Comptroller for FY 2016

FOR IMMEDIATE RELEASE | MAY 2, 2017
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DOCUMENT DROP | City of Troy Files Annual Updated Document with Office of the State Comptroller for FY 2016

TROY, NYMayor Patrick Madden and the City Comptroller’s Office today announced the city’s Annual Update Document (AUD) has been made available for public review on the City of Troy website. The annual report, filed with the Office of the State Comptroller (OSC) on Monday, May 1, presents the unaudited results of the city’s financial condition for the fiscal year ending December 31, 2016. This is the second consecutive on-time filing of the required financial document with OSC since the Madden administration assumed office on January 1, 2016.

“Today’s release of the 2016 Annual Update Document represents my administration’s continued commitment to transparency and engagement with our residents on the issue of improving city finances,” said Mayor Patrick Madden. “I applaud the performance of the City Comptroller’s Office staff and their efforts to complete this important and necessary work which further demonstrates the progress we have made to stabilize the city’s financial condition.”

A recent report issued by Moody’s Investors Service affirmed the City of Troy’s bond credit rating as ‘A2’ with a revised outlook changed to stable from negative. The City of Troy’s two previous bond ratings had a negative outlook. The report notes “the stable rating outlook reflects city management’s recent steps to build structurally balanced budgets as well as recent stabilization in the tax base.”

The City of Troy’s Annual Update Document (AUD) is available for review and download on the City’s website at http://www.troyny.gov

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MEDIA CONTACT:
John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131