Troy Budget Proposal Carries 28 Percent Tax Increase
Troy Mayor Patrick Madden released his first budget plan for the city Friday.
Troy has been faced with fiscal problems for years and was the subject of a critical audit by State Comptroller Tom DiNapoli.
Under the spending plan, the city tax rate would rise from $12.08 per $1,000 of assessed value to $15.46.
“It’s difficult. It’s a difficult pill to swallow but it is a fact-based approached. But I am pulling the band-aid off. This is what’s going on, folks. I’m not going to hide it. I’m not going to downplay it. This is a serious issue we have to deal with. I’ve been saying that from day one,” said Madden.
Madden says the budget is a “regrettably harsh consequence for correcting past unrealistic and politically expedient budget practices.”