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

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

For Immediate Release
October 4, 2018

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

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TROY, NY – Mayor Patrick Madden today announced the City of Troy’s fiscal stress score – released by the Office of the State Comptroller (OSC) – has improved for 2017. According to OSC, the Collar City’s rating for FYE-2017 (fiscal year end) is 18.8%, an improvement from the previous score of 23.8% for 2016.

Mayor Madden said, “The continued improvement of Troy’s fiscal stress rating is further evidence of my administration’s work to rebuild our community’s financial foundation. This positive assessment provides another reason for the growing optimism about the future of our City, and I am confident that our responsible, fact-based approach to fiscal management will keep Troy on the right path and heading in the right direction.”

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 2017 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 an extended positive trend in the city’s fiscal stress condition.

For up-to-date announcements from Troy City Hall, please visit www.troyny.gov/category/city-news/

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