At the annual State of the City, Troy Mayor Robin Oda and City Director Patrick Titterington discussed the City’s financial condition. Overall, the City’s finances are in great shape. 2022 saw a 5.2% increase in revenues, including 14% more income tax collected than in 2021. Expenses rose less than 1% during that same time period. The City administration was very aggressive in seeking federal and state grants for infrastructure projects and operational equipment, successfully securing over $4.55 million in 2022. That was a 50% increase over 2021.
For 2023, the City’s authorized staff level is 317 employees, including 196 full-time and 121 part-time/seasonals. Salaries and benefits make up 38% of the total budget, which is less than the government average of 50%-70%. The General Funds budget for 2023 is $24.1 million and funds most of the economic development, safety and quality of life services Troy residents, businesses and visitors enjoy. Typical of government operations, the City’s safety services make up over 58% of the total General Fund.
“Our City finances have never been better than they are now, even with all of the hyper-inflation and the Covid-19 shutdowns and economic hardships. Yearly budget meetings are never easy, but kudos to our department heads for working hard with the administration to keep spending down in 2022 and 2023. Spending has been controlled and focused on continually improving our infrastructure, safety equipment, and quality of life here in Troy and the bottom line shows it,” stated Mayor Oda.
To view the entire 2022-2023 State of the City presentation, click here.
