TROY, N.Y. (NEWS10) – Troy’s year-end financial report is out and it’s good news for the Collar City.

The year 2016 ended in a surplus, projected at approximately $2.3 million.

Officials are viewing it with cautious optimism.

The surplus will be used to improve the city’s “unassigned funds” balance, as recommended by the New York State Comptroller’s office.

Work continues, to manage costs, and keep things going in a positive direction.

Mayor Patrick Madden says he expects more tough choices down the pipe.

The city’s financial state led to a contentious budget battle that ended with a property tax hike, slashing vacant city positions, and eliminating public pool funding.

City Council President Carmella Mantello says she will review the report and whether the results justified the tax increase.

Read the full report.