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Troy Misses Debt Payment Deadline

Writer's picture: Mark DMark D

Friends and supporters,


2024 was a bad year for financial transparency in the Collar City. Missing quarterly reports, inaccurate audit documents, and vacancies in critical positions among the city‘s financial staff. Below is a joint statement from my Democratic colleagues and I regarding the latest error by the administration which could negatively impact the city’s financial position.


Onward,


Sue Steele

Council President


STATEMENT FROM TROY COUNCIL DEMOCRATS ON ADMINISTRATION’S MISSED DEBT PAYMENT


Administration Failed to make 241,600 Interest Payment by January 15, 2025 Deadline. City Council previously authorized municipal bonding to fund public improvement projects in Collar City. Missed debt Payment comes after Mayor failed to submit 2023 Audit by December 31, 2024 Deadline.




Troy, New York (Jan. 22, 2025) - Council President Sue Steele and Councilmembers Katie Spain-McLaren and Aaron Vera today issued a joint statement on the administration’s missed $241,600 interest payment for debt issued to fund public improvement projects:


“On Wednesday, we learned the Mantello administration missed the deadline to pay an almost quarter-million dollar debt payment on $12.87 million in bonds authorized to fund various municipal projects. While missing the deadline by two days might seem insignificant it comes on the heels of the missed deadline to file the 2023 audit, another sign the administration does not have its financial house in order.


“Even more frustrating was this information was not provided to the council from administration, but instead a constituent. After almost 13 months, the mayor must take responsibility for this latest mistake and provide immediate answers to our questions. We cannot risk more errors that can harm the city’s credit score with rating agencies, something painstakingly rebuilt under the Madden administration and prior city council.”


Since January 2024, the three-member Democratic Caucus has questioned the Mantello administration about the status of Troy’s budget, unbalanced spending and expenditures for 2025, missing quarterly financial reports and inaccurate audit documents. The city comptroller position was vacant for six months following the abrupt resignation of the previous city comptroller.


Related:

  • Joint Statement from Council Democrats on Missed Deadline for Filing 2023 Audit http://eepurl.com/i7Tf8E (Jan. 15, 2025)

  • Joint Statement from City Council Democrats on Vacant Troy Comptroller Position http://eepurl.com/i7zI2M (Jan. 9, 2025)

  • Statement from Council President Steele on Missed Deadline for Quarterly Financial Reports http://eepurl.com/iWrl2Q (Aug. 5, 2024)


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