Mayor Madden: City Files 2018 AUD with State Comptroller’s Office
Document outlines upward trends, continued positive improvements in the City’s financial condition
Fourth consecutive on-time filing of required fiscal reports with New York State by the Madden administration
Mayor Madden: administration is committed to transparency, accountability, strong budgetary oversight
TROY, NY –Mayor Patrick Madden today announced the City of Troy’s Annual Update Document (AUD) was filed with the Office of the State Comptroller (OSC). The document outlines improvements in the City’s financial condition, including increased sales tax revenues, better than anticipated property tax collections, and healthcare savings.
The annual report, filed on April 30th, presents the unaudited results of the City’s financial condition for the fiscal year ending December 31, 2018. The City has made four consecutive on-time filings since the Madden administration assumed office in 2016.
Mayor Madden said, “The progress outlined in recent financial statements shows continued improvements to Troy’s overall financial condition. Timely filing of required financial reports is part of my administration’s continued commitment to accountability and sound budgetary practices. My administration is focused on protecting taxpayers through responsible, realistic budgets to further strengthen our City’s finances, and I commend the efforts of our City Comptroller and Finance Department staff for their diligence and professionalism in compiling this important document.”
Positive improvements to the City’s financial condition was the result of various factors, including an approximate $750,000 increase in local sales tax collections than budgeted for, lower utilization of employee healthcare than budgeted for, and a 96 percent rate of collection for total owed property taxes.
Since assuming office in 2016, the Madden administration has undertaken aggressive efforts to rebuild the City’s financial standing through strong fiscal oversight, fact-based budgeting, increased transparency, and improved fiscal reporting. The administration has implemented three balanced budgets with bipartisan support.
The city has seen significant positive results from the administration’s leadership and focus on fiscal management. In February, a bond anticipation note issued by the City earned a MIG 1 rating from Moody’s Investors Service, the best quality rating available. This was the first time a city BAN issuance earned this designation, and enabled the city to fund various capital projects in neighborhoods throughout Troy, including: court and police facilities renovations, purchase of a new ambulance, repair and reconstruction of the South Troy and Knickerbacker Pools, the seawall revitalization project, reconstruction of the downtown Marina and Boat Launch, improvements to Powers Park in Lansingburgh, construction of the Ingalls Avenue Boat Launch in North Central, and the South Troy Industrial Roadway.
In 2018, the City of Troy’s A2 credit rating was revised from stable to positive by Moody’s Investors Service. According to Moody’s, the positive outlook reflects the Madden administration’s strong oversight of city finances and fact-based budgeting practices. It was the second consecutive year that Troy received an improved bond rating forecast.
The City’s 2018 AUD can be downloaded at www.troyny.gov
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John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131