According to The Record:
Mayor Patrick Madden is looking to restore two full-time analyst positions and bring in a consultant to help the city right its financial ship, and he’s looking to independent organizations to fund the first two years of his plan.
The total estimated cost for a two-year period would be just over $372,000.
Per the article:
The plan was first made public Friday morning, during a meeting of the Troy Capital Resource Corporation, an offshoot of the city’s Industrial Development Authority that promotes community and economic development and agreed to fund the first part of the plan with a $100,000 grant. Madden is proposing to restore senior analyst and analyst positions in 2017, at an estimated annual cost of about $150,000, while bringing a municipal finance expert on as a consultant as soon as April, at a cost of just over $91,000 for the remainder of 2016 and $121,500 annually after that.
This plan stands in contrast to The City Council's plan to hire an independent auditor for $19,000.
Hats off to Mayor Madden. Last week we suggested that Madden support the independent auditor and work with the Council on Troy's fiscal quagmire. Although Mayor Madden's public objection was based on a failure to follow the procurement procedures, it wasn't difficult to sense a lack of enthusiasm on the Mayor's part.
The City Council should take a hard look at Madden's plan. It is big and bold, it creates a team of finance professionals and it gives them time. It makes the Council's plan look bush league.
It costs more money. A lot more money. However, it will mean, as noted, a team of professionals working over the course of two years, to help fix the mess. The chances of structural changes that really aid future budgeting are much greater with Madden's plan. Like copper piping, it costs money because it saves money.
The Council will oppose the plan. We'll have an auditor come in, look things over, print a report that will form the basis of numerous press conferences and releases. The auditor will cash her/his check and disappear.
Madden's plan is better in the long run. Between the Council's auditor plan and Madden's plan, it has never been more clear: our elected officials are not up to the financial end of their jobs. The Council clearly does not understand budgeting. The Mayor wants three fiscal professionals to sort through the muck.
Madden's pragmatism is refreshing. He understands that something needs to be done and it will cost something more than pocket change. On the other hand, the Council continues to labor under the delusion that a part-time consultant is enough and that doing more with less is a sustainable vision.
Give Madden his three professionals. He will be held accountable if it doesn't work.