Balanced Budget For Troy Comes At A Cost And A Dip Into Rainy Day Fund

TROY (WWJ) - With the mayor as the only one to oppose it, the Troy City Council has approved a 2012-13 budget balanced through police and city worker concessions, and a dip into the city's rainy day fund.

The budget eliminates 33 jobs and is the result of a 10 year plan to reduce the work force and to make fundamental changes to the organizational structure of the city.

With plunging property values and 60% of Troy's budget coming from property taxes, city officials think they will need 20 years for property values to return to 2008 levels.