Finance
‘New at this’: Troy Comptroller walks out during Q1 finance presentation
TROY, N.Y. — After about 20 minutes of questions and conversations while presenting the Quarter 1 financial report for the City of Troy, the comptroller walked out of the Thursday night council meeting.
Before tackling the night’s agenda, the city’s Comptroller, Dylan Spring, Mayor Carmella Mantello and Deputy Mayor Seamus Donnelly came forward to present the Quarter 1 financial report.
There was a bit of confusion at first on whether it could or should happen; according to Council President Sue Steele, a Democrat, the council only received the report five minutes before the meeting started and had not had time to look through it. Republican Majority Leader Tom Casey said they had had enough time and should allow the comptroller to proceed with his presentation.
It moved forward, though the council asked Spring to be present at a special finance meeting on July 11 to go over the report in more detail. Mantello began the presentation as Spring returned to his office briefly to get materials for the presentation; Mantello said the council had received the report 30 minutes before.
It would have been nice to have it earlier, Mantello said, but it wasn’t done yet. Being finished in mid-June is in line with previous years’ deadlines, she said, which Steele disputed, clarifying on Friday that the report was not late but the council was always given it with proper time before meetings.
Spring’s presentation ran through the revenues and expenditures of the city, highlighting discrepancies or numbers that might look odd but had explanations. While working through it, he fielded questions from City Council members on everything from what line item City Hall rent falls under to how many buildings the city had demolished in Quarter 1.
Several times Spring responded to questions with “I’d have to get back to you on that,” or “I don’t know off the top of my head, I’m sorry.” It was acknowledged by Spring and the council members asking questions that they were almost all new.
About 20 minutes into Spring’s presentation, he finished answering a question about a line item from Councilmember Katie Spain McLaren, a Democrat, who ended her question by apologizing and saying she was “new at this.” Steele then said, “So is he.”
“You don’t have to keep stabbing me, Council President,” Spring responded during the meeting covered on the livestream feed, “It’s not very nice and it’s very, making me very anxious.”
“I’m sorry, I’m sorry,” Steele responded. “It’s just a matter of fact.”
Spring said something indiscernible in the feed before adding, “That is also a fact so I don’t sit here and argue (more indiscernible words) (a response from Steele) … panic attack most of …”
Spring then left the room.
In more back and forth that was partially indiscernible, Councilmember Ryan Brosnan, a Republican, said something relating to Steele’s decorum, Steele apologized and Mantello said Spring is new and to “have some compassion, have some respect.”
She continued and said Spring had asked them to work together. Steele responded she had asked for this presentation to be delayed. Brosnan then made a motion to enter into a brief recess.
The presentation did not continue after coming back, and the council moved forward with the agenda after Steele again apologized for any misunderstanding and that her comment was not interpreted the way she meant it.
“My point was to acknowledge that Dylan (Spring) is also new and that we have to be understanding of all new people,” she said. “There are no dumb questions, there are no dumb answers, we are just trying to get information.”
They will resume the presentation in July.
This is not the first clash the council president has had with the city administration over finances. Steele said previously that the Q1 report was due April 30 and when she requested it on May 1, was told it was not finished.
At the May finance meeting, the council went over reports from 2023 Q4, with Spring and contract-hired accounting firm ProNexus detailing the major problems with the city’s record-keeping system. They also said then that they would go over the Q1 report on June 20, which was Thursday’s cut-short meeting.
Spring has often expressed his frustration and the tremendous workload he is holding due to the city’s outdated system and his hiring in February, saying during one finance meeting that he was working more than 60 hours a week. Donnelly said Friday they are concerned that their employees have an adequate work/life balance.
He couldn’t speak for Spring about his feelings Thursday night but said that they are currently overhauling every department, including the comptroller’s, and once finished, they believe the system will run much smoother and get rid of those 60-hour weeks. That process will be finished before the work on the 2025 budget begins, which Donnelly said the administration is very excited about.
The presentation Thursday was at its conclusion when Spring left, Donnelly said, and all questions had been answered. However, Steele on Friday, said that without adequate time to review it and formulate questions, the presentation had been frivolous and uninformative.
She questioned why exactly the presentation had to happen on Thursday when she had asked to have it moved to July. Though she said she was sympathetic to Spring who seemed overwhelmed, from a professional standpoint, she was concerned at the lack of information and his inability to answer questions.
“It’s ‘I’ll get back to you on that, I’ll get back to you on that.’ Well, you know, he must’ve said that a dozen times, and after a while, I mean, there was no point in, in the presentation quite frankly,” Steele said Friday, also saying she has never seen a department head walk out of a meeting. “When we asked a question, we didn’t get an answer.
“This is very troubling if indeed he is under too much pressure now because we are going into a very critical phase of the fiscal year,” she continued, mentioning that budget preparations are upcoming. “He should’ve been prepared to give the report.”
Donnelly said they wanted to give the report that day because it was important to Mantello to provide the council with their findings, having held the council president seat for eight years prior. He also said that people have to remember, they’re not even six months into this administration and they’re doing a major revamp.
“The comptroller is a high-stress job,” Donnelly said. “It (the comptroller’s office) is adequately staffed and we are constantly reviewing and looking how to make it better…It’s not all just ‘Let’s hire more people,’ it’s how can we, how can we best serve the public with what we have and with changing the way some things are done.”
Donnelly also said that Steele’s comments were not helpful to the already high-stress Spring was under. Steele again apologized Friday for her comment about Spring being new and said it wasn’t an insult, just a comment on how it’s okay that everyone is new.
As far as the actual finances go, Donnelly said the numbers Spring presented showed how they are able to do so much in the city with much less. Steele said she had no comment yet on the numbers because she hadn’t had a chance to go through them.
Finance
Low-income Chinese girl aces gaokao, inspires live-streamers offering help
A girl from a disadvantaged rural family in central China topped this year’s gaokao, attracting numerous live-streamers eager to finance her education, which she declined.
The home of 18-year-old secondary school graduate Han Yaping in a Henan province village was recently bustling with live-streamers.
This attention came after Han achieved an impressive score of 699 out of 750 in the gaokao, China’s national college entrance exam.
She has received offers from China’s two leading universities, Tsinghua University and Peking University.
Han’s accomplishment is particularly remarkable given her family’s impoverished circumstances.
Her mother suffers from ankylosing spondylitis, an inflammatory arthritis affecting the spine, preventing her from working. Her father, who earns a living through farming and odd jobs, serves as the family’s sole provider. Han also has a younger sister.
Finance
UK financial regulator publishes landmark AI review
The UK’s Financial Conduct Authority (FCA) published a landmark review on Monday that proposes recommendations to regulate the impact of artificial intelligence (AI) on the financial decisions made by consumers.
The review, titled the Mills Review, anticipates that both consumers and firms will start delegating “more financial decision-making to AI systems,” including for agreements, initiating transactions, and executing decisions “within agreed parameters.” One of the key findings of the review outlined that while AI can help bridge advice gaps and “support growth,” there remain risks “associated with fraud, cyber security, and consumer harm.” Conducting the review, Sheldon Mills highlighted that “AI can also amplify risks: bias, discrimination, exclusion, opaque decision-making (particularly when multiple AI models interact), misleading or hallucinatory advice and erosion of consumer trust.”
The review stated that presently, one in five adults in the UK are “already open to AI making decisions for them,” particularly when decisions feel “complex or high stakes.” It found that roughly 26 percent of the population “trust general-purpose tools such as ChatGPT, Claude or Gemini for financial advice” with little awareness that such platforms provide no “formal routes to recourse” or protections.
Overall, the Mills Review identified four areas that it anticipates will be impacted by AI in the financial sector: “the transformation of firms,” “new consumer journeys,” “a reshaped competition landscape,” and “amplified financial crime and cyber risk.” The FCA projected the shift in how consumers and firms consult AI to take place by 2030.
The Mills Review put forth seven “priority” recommendations to be considered by the FCA Board. It recommended that any transitions to autonomous AI models be monitored and that regulatory frameworks and perimeters be adapted and secured. The review called for the strengthening of “system-wide coordination and oversight,” the scaling up of the FCA’s AI Lab to enable it to support AI models and innovation for agentic finance, and an “AI-enabled agentic supervisory model” to be built and adopted. Finally, it recommended that a trusted “public-interest AI-enabled financial capability service” be developed.
The FCA announced, in the press release, that it will launch an AI “good and poor practice publication” in late 2026.
Finance
Fayette County Public Schools Board of Education approves audit contract, new finance director position
LEXINGTON, Ky. (WKYT) – The Fayette County Public Schools Board of Education approved a one-year audit contract capped at $131,750 plus $225 per hour during a virtual meeting Monday, along with a new finance director job description.
The contract is with Mauldin & Jenkins Certified Public Accountants, an Atlanta-based firm, and covers the 2025-26 fiscal year and the restatement of the 2024-25 fiscal year and ancillary services through FY 2029-2030. The work is set to be completed by Nov. 15.
The board approved the contract in a 5-0 vote.
Audit contract details
Interim Chief Financial Officer Kyna Koch said the cost is already accounted for in the district’s budget.
“And is actually less than we expected given our current situation — we were thrilled with the bid,” Koch said.
Koch said she believes this is Mauldin & Jenkins’ first school district audit in Kentucky, but that the firm works with school districts of more than 100,000 students throughout the Southeast.
“Quite frankly when I spoke to the folks at KDE they were thrilled because we’re running kind of short of auditors who want to do school district audits — so all around I think this was a win-win for everyone,” Koch said.
New finance director position
The board also approved a new job description for the position of Director of Finance. Acting Superintendent Dr. Bill Bradford said the title will replace two associate director positions.
“Which will not only save the school district money but it’s also going to streamline our work and align internal controls to make room for a more efficient unit,” Bradford said.
Koch said the position will be posted as soon as possible following the board’s approval.
Closed session
The board went into closed session for more than an hour to discuss pending investigations that could lead to employee discipline. When the board returned, it took no action and adjourned the meeting.
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