Audit: Troy in good fiscal shape

Published 10:13 pm Tuesday, March 25, 2014

The City of Troy is in great financial shape. That was the news reported at Tuesday’s City Council meeting as City Clerk and Treasurer Alton Starling shared the results of fiscal year 2013’s audit.
By Sept. 30, the end of the 2013 fiscal year, the assets of the City of Troy exceeded its liabilities by $89,514,766.
“The city is in a good, solid financial position,” said Mayor Jason Reeves.
He credited Troy’s experienced leadership.
At $31,742,059, Troy’s utilities increased its profits by $540,970 over 2012. The same 2 percent increase appeared in government activities. Government activities like public works, the library, police and fire increased its net position by $1.2 million.
According to the audit, the increases were the result of “the improving economic conditions in the City,” an excellent bond rating and grants obtained for capital projects and public services.

During Tuesday’s meeting, the City Council declared an emergency situation for the wastewater treatment plant, authorizing Water and Sewer Superintendent Mike Davis to replace an aeration unit that had recently broke down.
Davis said the unit was slated for replacement in about eight months, once the City received Clean Water State Revolving funding that would cover the $69,000.
In other business, the City Council:

  • Accepted a $152,133 bid from PC Plus for the service and sales of new computer servers for the utilities department;
  • Awarded Yard of the Month and a $50 Lowes gift card to the Wood family, 236 Higgins Street;
  • Accepted a $24,987 bid from Bill Jackson Chevrolet for a new vehicle for the Colley Senior Center;
  • Accepted a $172,549 bid for three cars and three pickup trucks for the police department; and
  • Authorized the issuance and sale of warrant anticipation notes totaling $6 million.