Mayor Madden: Troy’s Improved Fiscal Stress Rating Indicates More Positive Progress for City’s Finances

Mayor Madden: Troy’s Improved Fiscal Stress Rating Indicates More Positive Progress for City’s Finances

For Immediate Release
October 30, 2019

Mayor Madden: Troy’s Improved Fiscal Stress Rating Indicator of More Positive Progress for City’s Finances

TROY, NY – Mayor Patrick Madden today announced the City of Troy’s fiscal stress score has improved for a fourth consecutive year. The Office of the State Comptroller (OSC) determined the Collar City’s rating for 2018 (fiscal year end) as 12.5%. The City’s 2017 stress score was 18.8%, an improvement from the previous score of 23.8% for 2016.

Mayor Madden said, “Improvement of Troy’s fiscal stress rating is another indicator of my administration’s commitment to restore our City’s financial condition. After years of critical reviews and negative outlooks, we have returned Troy’s finances to stable ground through fact-based budgeting and strong fiscal oversight. Despite the challenges ahead, we are confident that maintaining this responsible approach will keep Troy on the right path heading in the right direction.”

According to OSC, fiscal stress is defined as a local government’s or school district’s inability to generate enough revenues within its current fiscal period to meet its expenditures. A reduction in the fiscal stress score equates to a lower risk for the municipality.

OSC’s recent evaluation of Troy’s financial stress ranking signifies an ongoing positive trend in the city’s fiscal stress condition.

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