2014 Proposed Budget | PDF
2013 Approved Budget | PDF
2012 Approved Budget | PDF
2011 Approved Budget | PDF
2010 Approved Budget | PDF
2009 Approved Budget | PDF
MESSAGE FROM THE MAYOR
It is with great respect that I submit the proposed 2014 Budget for the City of Troy. At a time when municipalities across the country face severe financial stress and some even approach bankruptcy, it is with a great measure of pride that I offer a budget representative of a city on sound financial footing with a world of opportunity in front of it.
The proposed 2014 budget outlines a decrease in overall expenditures and includes a tax increase that falls within Governor Cuomo’s mandated property tax cap.
Our commitment to providing City residents with the highest quality service remains our top priority, without compromising services, cutting jobs or eliminating city sponsored programs. This was accomplished by moving some of the daily operating equipment replacement costs from the operating budget into 2014’s Capital Plan, as well as stabilizing healthcare costs.
As a result, the proposed spending plan will decrease, as 2013 called for an adjusted modified budget of $66,703,027 in spending, while in 2014, the proposed spending totals $66,479,829. This lowers expenditures by $223,198 over last year’s spending plan.
The City of Troy, in collaboration with GAR Associates, recently completed a real property reassessment project. The project was initiated in August of 2010.
As Mayor, I am proud of the work that we’ve done to establish the necessary property market value baseline that other cities have in place. However, this work also comes with growing pains.
Over the past three years, we – as a city – undertook one of the most complex and comprehensive financial modification endeavors in decades. Although the reassessment of all property in the City of Troy began prior to the current Administration’s arrival, the result of the project has had an immediate impact on the bottom lines of both the City and its residents.
The goal of the project was to create fair and equitable property assessments at 100 percent of full market value for the 2013 assessment roll. As a result of the project, the City has a database populated with inventory, digital photographs and a digital sketch for each parcel in the City. The use of technology has increased the transparency of the assessment information.
The completion of the 2013 reassessment resulted in a decrease of the overall tax base and corresponding revenue into the City by 1.4 percent or $262,408. Aside from the overall tax base decrease, the City would have experienced a modest tax increase of 1.36 percent. This combination results in a proposed tax rate of 2.76 percent.
The City’s largest expenditure is in the form of personal services (healthcare, retirement benefits, employee salaries) and debt.
In order to help change the bottom line in the future, we will utilize a new ambulance billing program in addition to a new service that will aid in the collection of $1.5 million in delinquent payments on ambulance services, along with outstanding parking tickets.
The City is also taking the initiative to implement a new automated time keeping program that will monitor the accuracy of our time reporting system.
And finally, in 2012, the City conducted a comprehensive audit of our health care coverage to identify fraud and abuse within the system. The City is now in the process of going after the funds that were misused and will add those recovered funds to the operating budget.
Even amidst another difficult budget season, there are plenty of things to be excited about in 2014. The economic development continues to grow with various projects that will once again increase the City’s tax base and welcome new residents and businesses into the Collar City.
In the coming year, some of the projects that the City can look forward to include a continuation of a multi-million dollar renovation to the Daucy Building, which will offer market-rate housing and retail shops on the ground level. In an effort to preserve the City’s historic architecture, the Marvin Neitzel Building is slated to undergo an $8 million renovation overlooking the Marina district that will include 75 new, market-rate rental apartments. Another $8 million renovation project will begin at the Old Brick Warehouse and will offer 68 new, market rate rental apartments.
The City also received a grant to link Riverfront Park to the Marina and entertainment districts. The Scolite site, too, is slated to offer new job opportunities and economic development along the Hudson River, while efforts to redevelop downtown continue on a daily basis.
In 2013, we saw a surge in economic development with numerous businesses opening and various developers taking a vested interest in Troy. I’d like to see that momentum progress.
I encourage you to work with me to adopt a fiscally responsible budget that allows us to continue offering high-quality services to the City taxpayers while growing and improving Troy.