Statement from Mayor on State Comptroller’s Review of Proposed 2021 City Budget

Statement from Mayor on State Comptroller’s Review of Proposed 2021 City Budget

For Immediate Release
November 6, 2020

Statement from Mayor Madden on State Comptroller’s Review of Proposed 2021 City Budget

TROY, NY – Mayor Patrick Madden issued the following statement regarding the review of the City’s Proposed 2021 Budget conducted by the Office of the State Comptroller (OSC):

“We’re pleased with the findings contained within the Office of the State Comptroller’s assessment of the proposed 2021 budget. Like many communities, the City of Troy is adapting to unprecedented budgetary challenges caused by the COVID-19 pandemic, including shortfalls in revenue and state aid. In the coming year, we will continue to exercise strong oversight of Troy’s finances to ensure the continued delivery of essential services to Collar City families and protect Troy taxpayers. We appreciate the diligence of OSC staff who reviewed this year’s budget proposal, and the City Comptroller’s office for their work in developing next year’s annual spending plan.”

OSC’s review of the proposed 2021 budget included salary schedules, debt payment schedules and other pertinent financial information. The report found significant revenue and expenditure projections to be reasonable, which affirms the administration’s strong approach to fact-based budgeting and financial management.

About the Proposed 2021 City Budget:

In October, Mayor Madden issued the City’s Proposed 2021 Budget. The plan proposes a 1.69% property tax increase for the coming fiscal year (average monthly increase of $3.10 for homeowners with a home valued at $150,000), and is the City’s fourth consecutive spending plan under the state-mandated tax cap.

The FY-2021 budget proposal preserves essential services & staffing levels, continues investments in neighborhood initiatives, includes an additional litter patrol officer to increase enforcement capacity in the Department of General Services, funds additional building demolitions to help fight blight, and invests in the City’s recreational parks, facilities, and infrastructure. The proposal also outlines the financial and operational impact of the Covid-19 pandemic on Troy, including the reduction of state aid and departmental revenues.

For more info, visit www.troyny.gov/budget

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