The City of Troy has had its fiscal stress score lowered by the New York State Comptroller’s office after putting in place measures to control costs and boost revenue.
According to the numbers released Wednesday by state Comptroller Tom DiNapoli, Troy’s fiscal stress score dropped from 40 percent in 2015 to 23.8 percent in 2016.
Democratic Mayor Patrick Madden said the improved rating shoud give “residents, families and business owners a renewed optimism and confidence” in the city, though he says the city is not “out of the woods.”
Republican City Council President Carmella Mantello said the city must “continue to enhance its financial situation without exceeding the property tax cap, and maintaining adequate cost controls and continue transparency in fiscal operations.”
