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Posted at: 08/27/2013 12:52 PM
By: Bill Lambdin
COLONIE - The region's largest town is improving its financial condition.
That's the conclusion of the state's comptroller, who delivered the good news to Colonie, Tuesday morning.
You can still easily start a political argument in Colonie over the numbers, but the state comptroller and the town supervisor are in agreement.
Colonie was in bad shape financially back in 2008. Now, they're a lot healthier.
Colonie should be one of the healthiest town in the state. A population of 81,000 people - many with good paying stable state jobs, and income well above the statewide average. That’s likewise for housing values.
But in 2008 the town had a deficit of $29 million.
Paula Mahan and fellow Democrats replaced the long tenured Republican administration and made some changes.
”The town has reduced costs, reduced revenue, and arranged to have the town’s landfill operated by a private company. The results have been significant,” said NYS Comptroller Tom DiNapoli.
Now Colonie has a small fund balance and money set aside for a landfill it still owns but leased out in a long term deal that's helped right the financial ship.
“We feel we are moving in a positive direction, and I believe the comptroller feels we are on the right path, but our main focus is doing what the comptroller would like us to do,” said Colonie Town Supervisor Paula Mahan.
The comptroller and his staff were auditing the Town of Colonie as part of his early warning monitoring system designed to head of a full financial crisis.
In Colonie's case, they say everything is moving well in the right direction.