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.”
