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| ROSAMILIA |
From 2011 through 2013, the City
of Troy spent $5.9 million more than it took in, according to a scathing report
by the office of state Comptroller Tom DiNapoli (see below.)
According to the 10-page report,
the city operated at a $2.3 million deficit in 2011, a $1.3 million deficit in
2012 and a $2.4 million deficit in 2013. The report comes about a week after
the Comptroller warned the city that if it closed this year at a projected
$800,000 deficit, it could come back under the control of the Financial Control
Board for the first time in nearly 20 years.
Mayor Harry Tutunjian's last year in office was 2011 and Mayor Lou Rosamilia took over on Jan. 1, 2012.
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| TUTUNJIAN |
In addition, the Comptroller
points out that the city has transferred substantial amounts of money from the
water fund to help offset the deficit, an option the Comptroller warns will be
limited in the future. In 2011, the city took some $300,000 from the water
fund, in 2012, $1.2 million and in 2013, $1.5 million.
Furthermore, the Comptroller says
the city failed to adequately budget for capital expenditures and instead
relied on borrowing. From 2011 through 2015 the Comptroller estimates the city’s
capital improvement fund will decrease from $6.2 million to $175,000.
The Comptroller also points out
that next year’s budget, which has not yet been approved by the Council, includes
a one shot $650,000 of revenue from the sale of the old City Hall site and an
approximately $1.6 million of savings by deferring three months of its pension contribution
until 2016.
“As a
result, the 2016 budget must contain provisions for a significant increase in
retirement appropriations,” according to the report.
More information as it becomes
available.
Here is a link about the Comptrollers report written by a seasoned reporter.
Here is another link, about the same by a talented writer and ambitious young reporter who unfortunately has no editorial oversight and nobody above her willing or able to pick up the slack when a major story breaks late in the day.
Here is a link about the Comptrollers report written by a seasoned reporter.
Here is another link, about the same by a talented writer and ambitious young reporter who unfortunately has no editorial oversight and nobody above her willing or able to pick up the slack when a major story breaks late in the day.
