Mayor Patrick Madden Issues 2016 Year-End Financial Report, Cautions Challenges Still Lay Ahead
Mayor Patrick Madden today announced the release of the City of Troy’s Fourth Quarter Financial Report which details the city’s 2016 fiscal year. The report projects a surplus for the city but stresses the need for continued fiscal vigilance going forward.
“The findings of the City Comptroller’s office highlight the effectiveness of prudent financial management and the necessity for making tough choices to strengthen our city’s financial foundation,” said Mayor Patrick Madden. “While we are pleased to close 2016 with a surplus, significant budgetary challenges remain including major increases in healthcare and pension costs, and municipal debt obligations (MAC). As part of my administration’s commitment to serving our taxpayers and residents, we remain vigilant and focused on managing costs in a fiscally responsible manner. However, as a result of positive growth in neighborhoods across our city continued investment in our building stock and infrastructure, and the support of our thriving small business sector we can continue to look with confidence toward our city’s bright future.”
Prepared by the City Comptroller’s office and provided to the City Council on April 6, 2017 the 2016 Fourth Quarter Financial Report details the income and expenditures of the City of Troy through December 31, 2016.
“The preliminary results from 2016 in the city’s General Fund move the City’s fiscal condition in a positive direction and is the next step in correcting long-standing deficiencies identified in the Office of the State Comptroller’s report,” said Andrew Piotrowski, Deputy Comptroller for the City of Troy. “These results, however, should be viewed with cautious optimism as it shows actual revenues and spending for a 12 month period, including one-time revenues and budgetary savings. While the surplus will improve the City’s unassigned fund balance, additional measures need to be taken to increase the unassigned fund balance as repeatedly recommended by the Office of the State Comptroller. Over the course of the last year the City Comptroller’s Office has focused on delivering timely and accurate financial information to the Mayor, City Council and, most importantly, city residents. This practice will continue throughout 2017 and beyond.”
The total surplus in the City of Troy’s General Fund for 2016 is projected at approximately $2.3M. The surplus was derived from one-time unanticipated revenues, aggressive approach to revenue collection, non-recurring budgetary savings in expenditures, and tight spending controls through strong financial stewardship conducted by the administration during the 2016 fiscal year. Highlights include:
- 4.6% increase in revenue collected by the city for the 2016 fiscal year
- A nearly 97% property tax collection rate, representing a 1% increase over previous years (2012 through 2015), a result of increased notifications to delinquent accounts from the City Comptroller’s office
- Total Building permit revenue collection totaling in excess of $841,000
- Total Ambulance billing revenue collection totaling approximately $2.19M
- A settlement of $360,000 as a refund of prior year expenses relating to the old City Hall site located at 1776 6th Avenue
- Over $500,000 in savings associated with the deferred hiring of various positions
Additionally, the report includes an analysis of both Water and Sewer Funds. The report is available for download and review on the City of Troy website at www.troyny.gov