Troy repays $ 3.3 million borrowed to help town during COVID pandemic – troyrecord

TROY, NY – Troy Mayor Patrick Madden recently announced that the Town of Troy has fully repaid a $ 3.3 million Revenue Anticipation Note (RAN) issued to help the Town of Collier meet the potential shortfalls linked to the Covid-19 pandemic during fiscal year 2020.

“Throughout the pandemic, the city of Troy has faced a series of operational and fiscal challenges, including potential budget deficits that would affect our ability to maintain essential services and other critical operations. The full reimbursement of the RAN issued last year is a testament to the city’s solid financial position prior to the pandemic, a direct result of this administration’s strong oversight of the city’s finances since 2016, ”Madden said.

Revenue Anticipation Notes (RAN) are a short-term loan that local governments can issue to resolve a gap between tax revenue and expenditure. In 2020, the city of Troy issued an RAN as a precautionary measure to address potential revenue shortfalls caused by the Covid-19 pandemic. The full repayment of the debt was made without deduction from the principal of the RAN, limiting the financial impact on the Trojan taxpayers.

Since 2016, Mayor Madden’s administration has worked to restore public confidence in the City’s finances. After years of financial uncertainty, the administration has rebuilt the city’s financial foundation through rigorous budget oversight, evidence-based financial forecasting and the implementation of five consecutive balanced budgets. The city of Troy is making new investments to support the growth of the neighborhood, rebuild infrastructure, revitalize the waterfront, improve the capacity of key services and strengthen municipal services.

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