COLONIE, N.Y. - Good news out of Colonie on Tuesday: After years of financial trouble, officials now say matters have improved.
Colonie Town Supervisor Paula Mahan joined State Comptroller Thomas DiNapoli to announce the findings outlined in a report by the Comptroller's Office which shows stronger budget planning has put the town on sound financial footing.
Mahan says she's worked closely with the Comptroller's Office to help make progress; pointing to redevelopment projects along Route 9 and the new deal on the town's landfill.
"The results are amazing," Mahan said. "To be where we were in 2008, and at this point to say we have a fund balance of $1.46 million and $13 million for debt service for the landfill. All of these things I could not have imagined in 2008."
The report is part of a series of fiscal profiles on municipalities across the state. DiNapoli says the goal is to help them take corrective action before a financial crisis develops.
"Despite its strong tax base, Colonie has struggled financially over the past decade but is now showing signs of improvement," said DiNapoli.
"Supervisor Mahan is aware of the challenges facing her town and has made difficult, but necessary financial decisions to align spending with revenues and eliminate budget deficits. Careful budget planning and an honest conversation about the numbers will continue to be vital to turning around the town's finances."
For a copy of the Colonie fiscal profile visit: