Mayor Madden Announces Repayment of $3.3M Borrowed to Assist City During COVID-19 Pandemic

Mayor Madden Announces Repayment of $3.3M Borrowed to Assist City During COVID-19 Pandemic

TROY, NY (November 16, 2021) – Mayor Patrick Madden today announced the City of Troy has repaid in full a $3.3M Revenue Anticipation Note (RAN) issued to help the Collar City address revenue shortfalls related to the Covid-19 pandemic during FY-2020.

Mayor Madden said, “Throughout the pandemic, the City of Troy grappled with a series of operational and fiscal challenges, including potential budgetary shortfalls that would affect our ability to preserve essential services and other critical operations. Full repayment of the RAN issued last year is a testament to the City’s strong financial position prior to the pandemic, a direct result of this administration’s strong oversight of city finances since 2016.”

Revenue Anticipation Notes (RANs) are a short-term loan that local governments may issue to resolve a discrepancy between tax revenues and expenses. In 2020, the City of Troy issued a RAN as a precautionary measure to address potential revenue shortfalls caused by the COVID-19 pandemic. Full repayment was completed without drawing on the principal of the RAN, limiting the financial impact on Troy taxpayers.

Since 2016, Mayor Madden’s administration has worked to restore public confidence in the City’s finances. After years of fiscal uncertainty, the administration has rebuilt the City’s financial foundation through strong budgetary oversight, fact-based financial forecasting, and implementation of five consecutive balanced budgets. Today, the City of Troy is making new investments to support neighborhood growth, rebuild infrastructure, revitalize the waterfront, enhance capacity in key departments, and strengthen municipal services.

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Press Contact:
John Salka, Communications Director
[email protected] / (518) 279-7131

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About the City of Troy:

Incorporated in 1816, the City of Troy is the seat of Rensselaer County government and the county’s largest municipality by population. Situated on the eastern bank of the Hudson River, the City boasts seven miles of waterfront, a largely-preserved historic downtown, diverse neighborhoods, and several major colleges and universities. Troy’s history as the nation’s largest manufacturer of detachable cuffs and collars earned the City’s nickname “the Collar City.” A former steel & iron manufacturing powerhouse of the 19th and early 20th century, the City is now home to a growing hub of tech, game development, restaurants, and retail.

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