Eighteen months of no Quarterly Financial Reports. Reports required by the City Charter. The Republican-led City Council made budget decisions based solely on assurances. Troy had no comptroller overseeing those assurances. City Council President Steele said it best, “It’s like we know nothing about the finances.”
Carmella ran on competence. She started her term with no comptroller, only assurances.
The Transition
When Carmella took office, she failed to find a replacement for the Comptroller. Andy Petroski was unable to hand off institutional knowledge to his successor. As a result, a system running since the ’80s, built on manual entry and requiring knowledge of the antiquated software, had left city finances a mystery.
The Administration turned to ProNexus, an outside accounting firm. ProNexus filed its FY 2023 Annual Financial Report with the State Comptroller. It was rejected. The State reported a $9 million discrepancy. The report had to be corrected and resent.
Carmella ran on competence, yet took 18 months to secure a competent comptroller and hired a firm that failed to complete a task that taxpayers paid over $260,000 to have done.
Dylan Spring
Carmella hired Dylan Spring as Comptroller in February 2024. At the May Finance Meeting, the Administration presented the Q4 2023 report in place of Q1 2024. It was not ready. At the June 20 Finance Meeting, Spring presented Q1 2024 with no advance notice. The report arrived five minutes before the meeting. Council President Steele said it was the first time in her five years on the council that a Q1 report had not been available for review. A motion to defer failed.
Then Spring left. He walked out of the June 20 meeting mid-presentation. He did not return the next day. He came back June 25 to submit his two-week notice. Last day: July 9, 2024.
Q2, Q3, and Q4 2024 were never formally presented to the council.
No Comptroller
From July 2024 through January 2025, Troy had no comptroller. Treasurer Gabrielle Mahoney, whose permanent title was Chief Account Clerk, held daily operations together. The Administration brought in BST & Co. as an outside accounting consultant. The council authorized BST’s engagement on August 22, 2024. That engagement cost Trojans more than $260,000.
The comptroller salary was raised from $103,966 to between $125,000 and $150,000 to attract candidates. About 20 people interviewed. Multiple candidates withdrew after watching council meetings.
In September 2024, Steele said: “We have not received any quarterly reports. We don’t have a comptroller. It’s like we know nothing about the finances, and that’s a very frightening situation to be in as a member of the council.”
The October budget arrived seven minutes before the legal deadline. It had errors. Corrected materials came almost an hour late.
Jack Krokos
Carmella hired Jack Krokos in January 2025. A former Republican town councilman from Sand Lake and a senior portfolio manager at Bank of Greene County. At his February confirmation, Krokos acknowledged he lacked direct municipal accounting experience and was relying on BST for guidance.
He resigned April 3, 2025. Less than three months on the job. Carmella cited family obligations. Krokos had committed to presenting the Q1 2025 financial report. He did not appear for the scheduled presentation.
Steele: “Looking forward, a qualified successor must be named immediately. There remain real questions about the city’s finances and spending.”
Two comptrollers. Eighteen months. No quarterly reports.
Michael McNeff
Carmella announced Michael McNeff’s appointment on May 28, 2025. McNeff had served as Chief Accountant for Albany County and Director of Finance and CFO for the City of Watervliet. He started June 16, 2025, at a salary of $150,000.
On his first day, BST presented the Q1 2025 quarterly financial report. The first formal quarterly report the council had received in 18 months.
It was not reassuring. The city had already burned through more than 40% of its annual staff overtime budget in the first quarter.
The Audit
On November 20, 2025, the council voted 7-0 to accept the FY 2024 independent audit by the Bonadio Group. The audit carried an adverse opinion on capital assets. Troy had not depreciated its capital assets in more than 20 years. Bonadio auditor Alan Walther called it atypical for a city Troy’s size.
The management letter flagged excess cash accounts and the misclassification of federal awards as state aid in the general ledger. Two material weaknesses: the general ledger was not being reconciled on time, and cash reconciliations were not done on time.
The FY 2024 Annual Financial Report was filed April 28, 2025. A few days ahead of the May 1 deadline. The first on-time annual filing of Carmella’s term.
Steele: “Is that a high bar? I don’t really think so, but I’m taking it as good news.”
What Steele Said
Steele’s remarks across 18 months form a single through-line.
May 2024: “It’s scary to me that we are in this situation, because we’ve done so well with our finances.”
September 2024: “We have not received any quarterly reports. We don’t have a comptroller. It’s like we know nothing about the finances.”
April 2025: “A qualified successor must be named immediately.”
June 2025: “Is that a high bar? I don’t really think so, but I’m taking it as good news.”
She was right each time. Carmella ran on competence. Steele documented what that looked like in practice, meeting by meeting, quarter by quarter, for a year and a half.
Trojans deserved better.
Sources: WAMC, May 24, 2024; WAMC, September 27, 2024; WAMC, November 22, 2024; WAMC, April 3, 2025; Spectrum News, April 4, 2025; WAMC, May 29, 2025; WAMC, July 3, 2025; Troy City Council Finance Meeting, March 6, 2025 (transcript); Troy City Council Special Meeting, November 20, 2025 (transcript)