FOR IMMEDIATE RELEASE
January 21, 2026
Mayor Mantello Again Warns City Council’s Threats and Careless Actions Could Jeopardize Troy’s Strong Financial Standing
(TROY, NY) - Mayor Carmella R. Mantello today condemned Sue Steele and the Democratic Majority of the Troy City Council for a continued series of false and misleading statements regarding the Frear Park bond resolution - lies that risk damaging the City of Troy’s top credit and bond rating.
The approved bond resolution is intended to fund the construction of a new permanent multi-use pavilion. Additional park upgrades, including new all-inclusive playground equipment, new tennis and pickleball courts, and expanded and repaved parking, are being funded through remaining ARPA dollars, grants, and other funding sources - not through the bond itself.
Despite these clear facts, Sue Steele and the Democratic Majority Council have repeatedly misrepresented the bond to the public.
This entire episode traces back to an in-person conversation between Deputy Mayor Seamus Donnelly and Councilmember Sue Steele over a week ago, that was later deliberately misrepresented. Sue Steele falsely claimed the Deputy Mayor admitted the bond was “faulty,” a statement that was never made and was wholly untrue. That falsehood became the foundation for a broader misinformation campaign by the Democratic Majority Council.
During a phone call yesterday that included Mayor Mantello, members of the Mantello Administration, members of the City Council, the City’s bond counsel, and financial advisors, it was clearly explained that attempting to undermine or misrepresent an approved bond resolution at this stage is fiscally irresponsible and could negatively impact the City’s credit and bond rating. Those warnings were explicit. Nevertheless, misinformation continues to be pushed publicly.
Most recently, the Democratic Majority Troy City Council falsely claimed they “saved” $3 million in taxpayer money by reaching an agreement to cut $3 million from the approved bond.
In reality, while the Council approved a bond authorization of up to $6 million, the city only went to the bond market for $3 million total - an important distinction that any responsible governing body should understand. What a municipality is authorized to borrow and what it actually borrows are two entirely different things. As has always been the case, the city is only borrowing what is necessary to complete the project and no more.
This fact is confirmed by the bond anticipation notes themselves, which are dated January 15. The Democratic Majority Council’s misleading public statement was released five days later, on January 20 - after the bond notes were already executed and sold to investors.
“These are not misunderstandings - they are blatant lies,” Mayor Mantello said. “I am done playing political games with the Democratic Council. You can’t say you care about transparency and collaboration when you continuously make false statements that jeopardize the city’s strong financial footing. Our bond counsel and financial advisors were crystal clear about the consequences of this type of behavior, and they continue to ignore it.”
Mayor Mantello emphasized that her administration remains focused on making long-overdue investments in Troy’s parks while protecting the City’s financial stability.
“My administration will continue doing the work - improving Frear Park, strengthening our neighborhoods, and safeguarding Troy’s financial future,” Mayor Mantello said. “We will not allow reckless misinformation to undermine and obstruct progress or jeopardize the trust of Troy taxpayers and investors.”
The Mantello administration reaffirmed its commitment to transparency, responsible fiscal management, and delivering real improvements for Troy residents.
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