- Associated Press - Tuesday, July 28, 2015

July 28—TROY — The City Council will hear an update on the city’s troubled finances at 6 p.m. Tuesday at City Hall.

The quarterly presentation by Mayor Lou Rosamilia’s administration is slated to allow the council members to scrutinize the city’s financial performance.

The state Comptroller’s Office warned the city twice in late 2014 that it was facing a perilous financial situation due to spending reserves and taking one-shot steps to close spending gaps.

The city has a $66.1 million general fund budget for 2015.

The city’s fiscal status is kept under state oversight due to the state’s municipal bailout in 1995.

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