Mayor Madden Issues Proposed 2020 City of Troy Budget

Mayor Madden Issues Proposed 2020 City of Troy Budget

Mayor Madden Issues Proposed 2020 City of Troy Budget

Fourth Consecutive Balanced Budget Proposal from Madden Administration Since 2016

Proposal Under State-Mandated Tax Cap

3.4% Increase Attributable to Fixed Costs, Including Labor Contracts and Pension Costs

Mayor Madden: City Financial Condition Stable, But More Challenges Ahead

TROY, NY – Reaffirming his commitment to fiscal discipline and strong oversight of Troy’s municipal finances, Mayor Madden today released the City of Troy’s 2020 Proposed Budget, the fourth consecutive balanced budget for the Collar City since his administration assumed office in 2016. The $74.7M plan proposes a 3.4% increase which is under the state-mandated tax cap for the upcoming fiscal year.

An average single-family homeowner with a home assessed at $150,000 will see a combined increase of approximately $78.33 annually, or $6.50 per month (taxes and solid waste management fee).

The administration’s FY-2020 budget proposal maintains necessary staffing levels, adds employees and investments in the Department of Parks & Recreation and Code Enforcement, and includes the purchase of personal protective equipment (“turnout gear”) for the Troy Fire Department.

Mayor Madden said, “After four years of focused efforts to stabilize Troy’s finances, we have established a stronger financial foundation for future growth. This modest increase accounts for mandated cost increases in retirement and contractual payroll increases, and makes necessary investments in our parks, code enforcement, and public safety departments. The proposed 2020 budget is a strong but disciplined plan for the continued economic and social prosperity of our community, one which will benefit the residents and families of Troy and keep heading in the right direction. More challenges lay ahead, but I’m confident we can continue to move our City forward while honoring responsible financial practices to balance our budgets, rebuild infrastructure, invest in neighborhoods, and support small business growth and economic development in Troy.”

The proposed 3.4% increase is an approximate $1.2M increase over 2019. A majority of expenditures associated with the 2020 increase are attributed to mandated obligations, including labor contracts with the City’s bargaining units, debt payments, and targeted investments in Parks & Recreation, Code Enforcement, and Fire Department.

After assuming office in January 2016, the Madden administration pursued a strong approach to budgeting and financial management. The result produced significant benefits for the City of Troy, including:

  • Balanced budgets without draining the City’s financial reserves
  • Modest increases in the City’s financial reserves
  • Ended the deferment of operating expenses to future years
  • Received two credit outlook improvements from Moody’s Investors Services
  • Reduction of the City’s Fiscal Stress Score by the NYS Comptroller’s Office during each of the past 4 years

Despite real and significant progress made in repairing Troy’s finances since 2016, Mayor Madden expressed guarded optimism about future budgetary challenges.

“Fiscal discipline remains a critical focus of my administration. We have taken tremendous steps forward, but we’re not out of the woods yet,” Mayor Madden added. “I remain committed to protecting taxpayers through strong financial oversight and strategic planning to build a stronger future for Troy families, residents, and businesses.”

Other highlights of the 2020 Proposed Budget include:

  • First phase of the City’s 5-year street paving program ($250,000) in 2020. The administration has committed to increase local funding for street resurfacing and roadway improvements. This funding is in addition to existing New York State CHIPs (Consolidated Local Street and Highway Improvement Program) funding. The schedule is as follows:
    • $250,000 in 2021
    • $350,000 in 2022
    • $350,000 in 2023
    • $500,000 in 2024
  • Infrastructure investments in various City facilities, including the State Street Parking Garage and surface parking facilities
  • Sidewalk replacement ($100,000) for upgrades to the City’s existing sidewalk network. This includes funding for City properties and curb cuts in coordination with the City’s Sidewalk Assessment Program
  • Tree removal program to address infected trees impacted by invasive species as detailed in the City’s Community Forest Management Plan
  • Demolition funding ($250,000) to address blighted properties impacting quality of life in Troy neighborhoods
  • Purchase of a new fire engine for the Troy Fire Department ($660,000) to enhance emergency response capacity and replace older emergency vehicles

The City of Troy’s Proposed 2020 Budget can be viewed or downloaded at

Get the Facts

2020 Proposed Budget by the Numbers:

Total Budget (Proposed): $74.7M
Proposed Increase: 3.4%, or $1.2M

An average single-family homeowner with a home assessed at $150,000 will see a combined increase of approximately $78.33 annually, or $6.50 per month (taxes and solid waste management fee).

The 3.4% increase is largely attributed to mandated costs and obligations. These include:

  • Contractual payroll increases (50%), the result of negotiated labor contracts with the City workforce. The administration recognizes individual bargaining units willingness to reach fair labor agreements which represent a fair deal for taxpayers and the City
  • Police and fire retirement pension contributions (25%) to the New York State Retirement System
  • Balance of increase contains:
    • 2 new laborer positions in Parks & Recreation
    • 1 new Code Officer position in Code Enforcement
    • Second set of turnout gear for current Troy firefighters
    • Staffing and operating expenses for the South Troy Pool

The budget also includes debt repayments owed to the NYS Retirement System ($1.3M annually). This is the result of deferred payments prior to 2016, a practice halted by the Madden administration after assuming office.

There are no proposed increases in City water and sewer fees. A $16.00 per unit increase to the annual solid waste management fee is proposed to account for increases in labor costs ($8.00 of the total per unit increase) and additional expenses within the City’s sanitation operations.

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Press Contact:
John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131