Mayor Madden Issues Statement on Approval of the 2022 City Budget

Mayor Madden Issues Statement on Approval of the 2022 City Budget

TROY, NY (November 30, 2021) – Mayor Patrick Madden issued the following statement on the approval of the City of Troy’s 2022 Budget by the Troy City Council on Tuesday evening:

“After assuming office in 2016, this administration set out to rebuild public confidence in the City’s finances. Approval of our sixth consecutive balanced budget by the City Council keeps our community on the right path heading in the right direction. This fiscally responsible plan will improve City operations and essential services with long-deferred investments in municipal departments to improve neighborhood quality of life. I applaud the members of the City Council for supporting this common sense budget, and look forward to implementing this plan for the benefit of Troy families.”

The approved budget includes a 1.58% tax increase for the upcoming 2022 fiscal year, with an average monthly increase of $2.94 for homeowners with a home valued at $150,000. For the 5th consecutive year, the Collar City’s annual budget is below the New York State Property Tax Cap.

After years of fiscal uncertainty, the Madden administration has rebuilt the City’s financial foundation through strong budgetary oversight, fact-based financial forecasting, and implementation of six 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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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, video game development, restaurants, and retail.

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