News From the Town of Colonie
Paula A. Mahan |
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SUPERVISOR MAHAN ANNOUNCES SIGNIFICANT DEFICIT REDUCTION
Deficit Reduced by 45 Percent in Nineteen Months
August 12, 2009 – Stating that the Town of Colonie is “on the road to financial recovery,” Supervisor Paula A. Mahan today announced that in the nineteen months of her tenure the Town's budget deficit has been cut by 45 percent, from its January, 2008 high of $19.7 million to $10.8 million as of August 12, 2009.
“When I took office I promised to make the Town's financial condition the focus of my administration and to restore fiscal responsibility to Town Government. I have kept my promise,” said Mahan.
“Since January 1, 2008, when the deficit stood at over $19.7 million, we have managed through cost cutting, eliminating wasteful spending, restructuring Town departments for more efficient operations and generating more revenue to reduce the deficit to $10.8 million without reducing services to Town residents,” she said.
“This great accomplishment is a result of our Town government, employees, and residents working together for a common goal. I want to thank all of our residents and employees for helping us during these difficult financial times. With your help we kept the Town afloat,” said Mahan.
Characterizing the budget reduction as a big step forward for Colonie, Mahan noted that “we must continue our efforts and commitment to reach our goal of eliminating the deficit completely.”
Graph of 2003-2009 Deficit Trend Report