The Mantello Record

Troy City Fiscal Reports – Presentation History

Troy City Fiscal Reports – Presentation History

Official financial statements: troyny.gov/192/Financial-Statements

Derived from Troy City Council meeting synopses, 2024–2026.

Troy City Charter and city code require:

  • Annual Financial Report (AFR): Filed with the New York State Comptroller within 120 days of fiscal year end (May 1 deadline for Troy).
  • Quarterly financial reports: Presented to the City Council on a quarterly schedule. The charter technically requires Q4 in December, but sales tax data does not arrive until March – a known mismatch flagged at the November 2025 Finance meeting for potential charter amendment.
  • Preliminary financial report: Due in February each year.

Annual Financial Reports (AFR)

Fiscal Year Deadline Filed / Status
FY 2023 ~May 1, 2024 The incoming Mantello administration filed the 2023 AFR without a permanent comptroller in place. The State Comptroller found it unreliable – cash was off from Pioneer Bank records by $8–9 million, a reconciliation gap that developed during the transition. BST & Co. corrected the books; revised AFR approved by State Comptroller March 2025.
FY 2024 May 1, 2025 Filed April 28, 2025 – a few days ahead of deadline. Presented to council April 30, 2025 by Mayor Mantello and BST. On time. Presentation flagged $11.5 million in unbudgeted revenue variances (federal/state grants miscategorized as state aid) and public safety underbudgeted by $3+ million due to personnel costs. Steele: “Is that a high bar? I don’t really think so, but I’m taking it as good news.”
FY 2025 ~May 1, 2026 Controller presented results to council May 7, 2026 (General Fund $453K surplus; Water $411K; Sewer $187K; Garbage $5K; cash position $72.2M). Not yet published on the city’s financial statements page as of July 2026 – past the May 1 deadline.

Quarterly Fiscal Reports

2024

Report Period Presented Status
Q4 2023 Oct–Dec 2023 May 23, 2024 Late. ~5 months after period ended. Incomplete and unreliable – the prior controller’s records could not be reconciled against the accounting system. Presented by incoming Comptroller Dylan Spring and ProNexus. Note: the May meeting received Q4 2023 in place of Q1 2024, which was not ready. Q1 2024 was expected at the June meeting.
Q1 2024 Jan–Mar 2024 June 20, 2024 Late and no advance notice. Report arrived 5 minutes before the Finance meeting. Council President Steele said it was the first time in her five years on the council that the Q1 report had not been available for advance review. Motion to defer failed; Spring presented on the spot.
Q2 2024 Apr–Jun 2024 Never formally presented. Missing. Comptroller Spring resigned effective July 9, 2024. BST provided a substitute six-month interim report (Jan–Jun 2024) at the October 15, 2024 budget special meeting – not a formal quarterly report. Residents asked about Q2 at the August 8, September 5, and September 19 meetings. No answer given.
Q3 2024 Jul–Sep 2024 Never formally presented. Missing. No comptroller on staff. City relied on Treasurer Gabrielle Mahoney and BST.
Q4 2024 / Preliminary Oct–Dec 2024 Never formally presented. Missing. Preliminary report due under city code in February 2025. At the March 20, 2025 Finance meeting, Council President Steele noted she had sent three emails before receiving a response from the Controller’s office. Administration promised delivery within 2–3 weeks; no separate report was ever presented – the work was absorbed into AFR preparation.

The council received no formal quarterly fiscal report for the entirety of calendar year 2024. Resident Marc, who raised the issue at multiple Finance meetings from August 2024 through February 2025, called it “a major failure of the administration to not provide these documents for citizen review.” Council President Steele responded: “I would concur with your comments.”

2025

Report Period Presented Status
Q1 2025 Jan–Mar 2025 June 16, 2025 Late. BST promised it by end of May at the April 30 AFR presentation; Steele asked if May 22 was feasible. Kennedy said it would be close. A resident (John Kaine) noted at the May 22 Finance meeting that the report still had not been published. BST presented it June 16 – their final presentation – with incoming Comptroller Michael McNeff in the room on his first day.
Q2 2025 Apr–Jun 2025 September 4, 2025 Late and initially pulled. Was expected on the August 21 agenda and was pulled with no explanation from the dais. Presented by McNeff and BST at the September 4 regular Finance meeting – about two months after the period ended.
Q3 2025 Jul–Sep 2025 November 20, 2025 On track per historical practice. McNeff’s first quarterly presentation. Council President Steele noted the prior comptroller (Spring) had also delivered Q3 reports in November.
Q4 2025 Oct–Dec 2025 Not yet presented. Late. The charter requires Q4 in December; no report has been published as of July 2026.

Independent Audits (Bonadio Group)

New York State and federal law require an independent annual audit of the city’s financial statements. Cities that receive $750,000 or more in federal funds in a year are also subject to a federal Single Audit and a NYS DOT Single Audit. The federal deadline is 9 months after fiscal year end – September 30.

Fiscal Year Federal Deadline Presented to Council Accepted Status
FY 2023 Sept 30, 2024 March 6, 2025 Res. 23, March 6, 2025 (7-0) Late – ~5 months past federal deadline. Delayed by the need to unwind and correct the prior administration’s books before the audit could proceed. The 2023 AFR was not approved by the State Comptroller until March 2025. Presented by Alan Walther (Bonadio). Adverse opinion on capital assets – a decision made 20+ years ago not to depreciate; a structural issue predating the Mantello administration. Walther noted material weaknesses are atypical for a city Troy’s size. Federal awards had been miscategorized as state aid.
FY 2024 Sept 30, 2025 November 20, 2025 Res. 114, November 20, 2025 (7-0) Late – ~7 weeks past federal deadline. Audit kickoff with Bonadio began early May 2025 (immediately after the 2024 AFR was filed April 28). BST focused almost entirely on supporting the 2024 audit through September. Audit carried an adverse opinion on capital assets (city has never fully depreciated its capital assets – “adverse is as bad as it gets”) and a qualified opinion on a component unit (LDC, due to the mid-remediation Kane Pew site valuation). Management letter flagged excess cash accounts and federal/state aid misclassification in the general ledger.
FY 2025 Sept 30, 2026 Not yet presented. – Not yet late as of July 2026. The 2025 AFR was filed ~May 1, 2026; audit work with Bonadio would follow. Given the 2023 and 2024 audits both missed the September 30 deadline, timely completion warrants monitoring.

Comptrollers, 2024–Present

Name Period Notes
Andy Petroski Prior to early 2024 Departed before Mantello took office. The city’s KVS accounting software (1980s-era) required institutional knowledge only the prior controller had; the “spin-off” process it used regularly landed transactions in wrong accounts and was not documented for a successor. Mantello did not secure a replacement comptroller during the transition period. The 2023 AFR filed under the incoming administration was subsequently found to show cash off from Pioneer Bank records by $8–9 million – a reconciliation gap that developed during the transition, not a characterization of Petroski’s tenure.
Dylan Spring ~Feb 2024 – July 9, 2024 Hired as Mantello administration’s first comptroller. Left a June 20 Finance meeting mid-presentation; did not return to work. Put in two-week notice June 25; effective July 9. Q1 2024 delivered with no advance notice. Q2–Q4 not delivered.
(Vacant) July 2024 – ~January 2025 City ran approximately six months without a comptroller. Treasurer Gabrielle Mahoney managed daily operations. BST & Co. (Brendan Kennedy) served as outside accounting consultant. ~20 candidates interviewed; multiple withdrew after watching council meetings. Council voted August 2024 to raise the comptroller salary from $103,966 to a range of $125,000–$150,000 to aid recruitment.
Jack Krokos ~January 2025 – April 3, 2025 Former Republican town councilman in Sand Lake; senior portfolio manager at Bank of Greene County. Acknowledged during February 2025 council questioning that he lacked direct municipal accounting experience and relied on BST for guidance. Resigned citing family obligations after less than three months. Had committed to presenting Q1 financial reports but did not appear for the scheduled presentation. Troy’s third comptroller in 18 months.
(Vacant) April 2025 – June 16, 2025 Position vacant approximately 2.5 months.
Michael McNeff June 16, 2025 – present Former Chief Accountant for Albany County; Director of Finance and CFO for the City of Watervliet. Hired at $150,000. Started June 16, 2025 – the same day BST presented the Q1 2025 report. Presented Q2 2025 (September 4), Q3 2025 (November 20), and 2025 AFR (May 7, 2026). Q4 2025 report not yet published as of July 2026.

Accounting Remediation – BST & Co. LLP

The council authorized hiring BST & Co. (Resolution 129, August 22, 2024) to close out fiscal year 2023, file an amended 2023 AFR, and provide 2024 accounting services. BST partner Brendan Kennedy led the engagement.

Key findings BST documented for the council:

  • The city’s KVS accounting software (1980s-era) required a manual “spin-off” process that regularly landed transactions in wrong accounts. Only the prior controller understood how to manage it.
  • Bank reconciliations had been done in Excel, not tied to actual bank statements, and never reconciled to the accounting system.
  • The 2023 AFR as filed showed cash off from Pioneer Bank records by $8–9 million.
  • BST developed more than 60 journal entries as part of the 2023 reconciliation, some involving multi-million dollar adjustments.
  • The city was running more than 60 bank accounts, many redundant.

BST wrapped up its engagement in early 2026 after presenting the Q2 2025 report alongside McNeff (September 4, 2025) and supporting the 2024 audit with Bonadio.

The city is replacing KVS with Tyler Technologies / Munis – a 12–18 month implementation expected to bring modern financial infrastructure.

Primary Source Documents

Official city documents:

News Coverage

Key reporting on Troy’s fiscal transparency record, 2024–2026:

Troy Democratic Committee