FOR IMMEDIATE RELEASE | SEPTEMBER 26, 2016
Mayor Madden Announces Completion of Public Budget Workshop Series
Madden administration focused on delivering fact-based 2017 budget proposal in October
Materials from all three budget workshop sessions posted on city website for public review
TROY, NY – Mayor Patrick Madden today announced the completion of his 2016 Mayoral Budget Workshop series held during the month of September. The three-part series, which concluded on September 20, was a first for the City of Troy and the Mayor’s office, developed as part of an ongoing effort to educate and inform the public on the financial constraints and challenges facing Troy and the historical background on what contributed to the city’s current fiscal issues. All materials presented during the sessions have been posted on the city website for review.
“Eight months ago during my first State of the City Address I stood before the residents of our city and promised to open a new dialogue with the public and committed my administration to transparency regarding Troy’s financial condition,” said Mayor Patrick Madden. “While the financial challenges facing our city as outlined during these sessions may seem daunting, I remain optimistic about the future of Troy. I will continue to respectfully engage on these important issues, make the difficult choices, and work to develop a common sense budget proposal to build a stronger financial future for our city.”
Mayor Madden outlined his administration’s guidelines for responsible financial planning, including a commitment to fact-based budgeting which utilizes financial projections based on data and facts, and an avoidance of one-shot revenue transactions like the sale of city assets to pay for recurring expenses without dependable recurring revenues. In addition to the administration’s approach to realistic budgeting, the Mayor also detailed the city’s long-term debt obligations and breakdown of historical trends which have contributed to the fiscal constraints facing the Collar City, including:
- The depletion of more than $7M in city reserves between 2006 and 2015
- Annual payments of approximately $6M in Municipal Assistance Corporation (MAC) debt as a result of poor budgeting and overspending by the city during the 1980’s
- Yearly revenue shortfalls which fell considerably below City Council approved estimates
The 3-session finance workshop series was part of the Madden administration’s continued effort to promote fiscal transparency and increase public engagement in the budget process. As part of the administration’s response to a critical February audit by the NYS Comptroller’s Office of the City of Troy’s financial condition for the period of January 1, 2012 through May 31, 2015, Mayor Madden implemented policies and procedures to ensure accurate financial estimates, analysis and reporting would be utilized in monitoring the city’s fiscal health. The administration has also delivered two on-time quarterly financial reports in 2016.
Mayor Madden and members of the administration have already begun visiting with community and neighborhood organizations to present the materials and information included in the workshops. Troy neighborhood associations and community groups interested in participating in one of the budget informational sessions are encouraged to contact the Mayor’s Office by phone at (518) 279-7130 or by email at [email protected]
All three budget workshop presentations are available on the City of Troy website for download and review at http://www.troyny.gov
John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131