TROY, N.Y. (NEWS10) — Troy has repaid in full a $3.3M Revenue Anticipation Note (RAN) issued to help the city address revenue shortfalls from the COVID-19 pandemic during 2020. RANs are short-term loans that local governments can issue to resolve a discrepancy between tax revenues and expenses.
“Throughout the pandemic, the City of Troy grappled with a series of operational and fiscal challenges, including potential budgetary shortfalls that would affect our ability to preserve essential services and other critical operations,” said Mayor Patrick Madden.
Madden said full repayment was completed without drawing on the principal of the RAN, limiting the financial impact on Troy taxpayers.
“Full repayment of the RAN issued last year is a testament to the City’s strong financial position prior to the pandemic, a direct result of this administration’s strong oversight of city finances since 2016,” said Madden.