NY Comptroller Trying to Put Troy's Finances Under NY Control

The City of Troy has been put on notice by the State Comptroller, who may put the city's finances under state control.

The state bailed the city out in the 1990's by issuing bonds.

The city is still paying off the $24.6 million debt to the Troy Municipal Assistance Corporation.

Democratic Mayor Patrick Madden calls the pending, "re-imposition of the emergency period" a self-inflicted wound, saying the Republican-controlled City Council failed to pass a balanced budget by December 1st.

Council President Carmello Mantello says they refused the Mayor's garbage fee, adding that it was illegal, and that the budget should have been amended against the original budget.

The Council shifts to Democratic control on January 1st, and the Mayor's proposed budget will take effect, with the $150 trash fee.

Photo: Getty Images

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