Comparing and Contrasting Troy's 2024 and 2025 City Budgets
Looking at the Fiscal Health of the Community
Budgets are the most important document any government, or really any organization, can adopt on an annual basis. It is the foundation of all the work the government does over the next year, and it clearly spells out in black and white, what the true priorities of the government really are. Those items that are to be completed get funded, those items that aren’t funded often get ignored.
And yet, budgets aren’t necessarily stand-alone documents. It’s often helpful to look at past budgets to set the stage for present and future budgets. Taken over time, these documents can help tell a story of how a community grows and what the community values.
The 2025 budget for the City of Troy, Ohio, as presented tends to reflect a continuation of the city's commitment to financial stability, economic development, safety services, basic infrastructure, and quality of life improvements. To provide a comprehensive analysis, it may be worth taking time to compare and contrast key aspects of the 2025 budget with this year's budget.
Financial Stability and Revenue
The 2025 budget projects a 5.3% increase in income tax revenues compared to 2024. This is a continuation of an upward trend where last year, income tax revenues were expected to grow by 5.0%. This growth indicates a positive economic outlook for the city. However, it's important to note that General Fund recommended expenses are projected to increase by a significant 50.7%. This substantial increase is primarily attributed to higher salary and benefit costs, as well as the implementation of various of capital improvement projects, such as the multi-million dollar Dam Removal Project and the installation of a new roundabout at Riverside Dr./Adams St./Staunton Rd.
The city's financial stability is further evidenced by the projected General Fund balances. While the 2025 beginning year balance is expected to be higher than anticipated; it currently stands at $52.5 million, where last year it was expected to be at $34.6 million, this balance is projected to return to historic averages by the end of the year.
Economic Development
Troy's 2025 budget continues to prioritize economic development, recognizing its crucial role in funding various city initiatives. The budget maintains memberships in key organizations such as the Troy Development Council, Troy Main Street, Dayton Development Coalition, and Troy Area Chamber of Commerce. These partnerships help the community foster economic mic growth and community development.
New initiatives in the 2025 budget include the demolition of several residential structures to enable in-fill workforce housing units, as well as the development of Water and Sewer Master Plans to support strategic growth across industrial, commercial, and residential sectors. These efforts demonstrate a forward-thinking approach to economic development that wasn't as prominently featured in the previous year's budget.
Safety Services
The 2025 budget maintains a strong commitment to safety services, continuing investments in police and fire departments. Stable staffing levels are prioritized through the use of Police Recruit and Fire Apprentice programs, which help minimize vacancies. The budget also allocates funds for new and replacement vehicles, personal protective gear, and ongoing training for various specializations.
Basic Services and Infrastructure
The 2025 budget maintains the city's commitment to basic services and infrastructure improvements. The street maintenance program, including pothole repair, crack sealing, leaf and brush collections, and winter road management, remains a priority. The budget continues the increased investment of $1.5 million in road repaving, which was raised from $1 million in 2022 to $1.5 million in 2023. Paving costs are expected to increase to $1.8 million in 2026 and then settle in at $1.7 million for the years 2027 through 2029.
As previously mentioned, one of the new infrastructure projects for 2025 include resurfacing sections of Experiment Farm and South Stanfield Roads, as well as the roundabout at Adams/Riverside and Staunton at a cost of just over $1 million. The budget also allocates over $1.8 million for the replacement of utility vehicles and equipment, demonstrating a commitment to maintaining and upgrading essential city resources.
Quality of Life Initiatives
Troy's 2025 budget reflects a continued emphasis on quality of life improvements, recognizing their importance in attracting residents, visitors, and workers. The budget supports various events, programs, and facilities throughout the city, including concerts, festivals, and sports facilities.
Significant new investments in the 2025 budget include the first phase of downtown streetscape improvements, focusing on utility replacements and safety features. The budget also allocates funds for the completion of the Park Maintenance Facility at Duke Park and renovations to the Chapel at Riverside Cemetery.
A major multi-year project commencing in 2025 is the removal of the Great Miami River low dam, extension of the southern low bank recreational trail, and the development of a new (and yes, largely unnecessary) recreational trail on South Crawford Street from Herrlinger Park to East Water Street. These improvements are budgeted to cost the city over $12 million in 2025. For context, the entire West Main Street reconstruction project cost the city just over $15 million.
Long-term Planning
The 2025 budget demonstrates a commitment to long-term planning through the extension of the Comprehensive Plan through the development of a Unified Development Concept (Zoning Code) and brining on a consultant to begin a Park & Recreation Master Plan process.
Of course, spending $1 million on a new riverside park, $1.5 million on the South Crawford Street recreational trail, and spending $1.2 million on the new recreational trail on the south side of the Great Miami River, seems a bit ambitious, considering a Park and Recreational Master Plan is up for discussion. Common sense would almost dictate finishing the Park and Recreational Master Plan first before making $3.7 million in park and recreational improvements.
The 2025 Budget Is Up For Discussion
The 2025 Budget will be discussed this afternoon at 5:15 p.m. as City Council’s Finance Committee will hold a briefing on the budget with the entire city council. Unlike, most committee meetings, this meeting will be held downstairs in the basement of the City Building.
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