Statement by Mayor Madden on City of Troy’s Improved Fiscal Stress Rating by the State Comptroller

Statement by Mayor Madden on City of Troy’s Improved Fiscal Stress Rating by the State Comptroller

FOR IMMEDIATE RELEASE | SEPTEMBER 27, 2017

Statement by Mayor Madden on City of Troy’s Improved Fiscal Stress Rating by the State Comptroller

TROY, NY –  Mayor Patrick Madden has issued the below statement regarding Troy’s improved fiscal stress score released by the Office of the State Comptroller. The City of Troy’s rating for 2016 is 23.8%, a significant improvement from the previous score of 40.0% for 2015.

“The improvement of Troy’s fiscal stress rating by the Office of the State Comptroller is more good news for Troy and reinforces my administration’s ongoing efforts to institute strong & effective management of Troy’s finances. This indicator – along with results of the independent audit and previously released 2016 Annual Update Document – should continue to give our residents, families and business owners a renewed optimism and confidence in the City of Troy.

“Through fact-based budgeting, fiscal transparency and responsible financial reporting we are continuing to change the way we do business in the Collar City. Though we are not out of the woods I am confident we are on the right path heading in the right direction. I remain fully committed to rebuilding Troy’s financial foundation for a more stable future for our proud city.”

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According to the Office of the State Comptroller (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.

The City of Troy’s FY-2016 ranking is classified with “no designation” according to OSC’s Fiscal Stress Monitoring System. OSC evaluated Troy’s financial stress rankings for FYE-2014 at 43.3%, and FYE-2015 at 40.0%, signifying a continued downward trend in the city’s fiscal stress condition.

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