Released: November 14, 2012 -- [read complete report - pdf]
Purpose of Audit
The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the City’s tentative budget for the 2013 fiscal year are reasonable.
The City of Troy, located in Rensselaer County, issued debt totaling $21,630,000 to liquidate cumulative deficits in the City’s general fund for the years ending December 31, 1993, 1994, and 1995. Local Finance Law requires all local governments that have been authorized to issue obligations to fund operating deficits to submit their tentative budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.
The City’s proposed budget, while generally reasonable, needs improvement to make it a better tool for prudently managing the City’s resources.
Local Government and School Accountability Contact Information:
Phone: (518) 474-4037; Email: firstname.lastname@example.org
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236