Adam Israel announces the appointment of Saratoga’s finance commissioner
SARATOGA SPRINGS – Praising outgoing city finance commissioner Michele Madigan, Adam Israel announced an independent candidacy for city finance commissioner, the city’s chief financial officer.
Israel is running with mayoral candidate Robin Dalton on the Saratoga Strong ballot line. Both men say the city needs a “truly independent option” as opposed to Republicans and Democrats, who have been divided over the past two years by factional conflict.
Madigan, a Democrat, is not seeking re-election this year after a decade in office. Democrats have appointed Skidmore College business professor Minita Sanghvi for the post, while the Republican nominee is JoAnne Kiernan, a chartered accountant for local businesses who recently completed a term on the Saratoga Springs board of directors. .
Son of the renovator of historic buildings and hotel owner Robert Israel, the native of the city graduated from the Rensselaer Polytechnic Institute with a degree in business and finance. He worked for an international accounting firm and owned and operated a small hotel in the Virgin Islands. He worked to get government help and rebuild after the island was hit by two different hurricanes in 2017 – an experience he says will come in handy as the city recovers from its COVID-related financial crisis.
“We must not take for granted the sound budgetary management which has brought us through the difficult times and we cannot risk inexperience as we continue to recover financially from the pandemic,” he said in an announcement speech Wednesday night at the Inn at Saratoga.
Last year, there were concerns that the city would lose up to $ 14 million in revenue due to a devastating decline in the tourism economy and the fact that no fans are allowed to attend the races of the ‘Saratoga Racecourse. Initial fears of a multi-year decline have not been confirmed. The city borrowed $ 11.3 million last year to cover short-term revenue losses, but has already helped $ 6.3 million, Madigan said at a city council meeting last week.
“Both cash flow and income are improving,” she said.
The state’s economy in general is recovering from the pandemic faster than expected, as a report by state comptroller Thomas P. DiNapoli released on Thursday showed.
“Our city, which was once in financial peril, is now returning to the financially healthy city we were before the pandemic,” Israel said. “We have only overcome this financial crisis with stable and responsible leadership. I will continue this leadership with my expertise and experience.
The platform he offers includes the practice of fiscal discipline, consensus building in city council decision-making, investment in public works and public security services, maintenance of green belt around the city and the continuation of the “smart city” initiative launched by Madigan.
Israel is married and has two children.
The finance commissioner position, like other city council positions, is part-time with an annual salary of $ 14,000. Four of the five seats are open in November due to the fact that the commissioners are not seeking re-election or running for other positions this fall.
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