"I just don't know where the numbers are coming from," he said.
Mahan said she was proud that the town was able to cut the deficit by 45 percent in such a short amount of time.
"This is a great day for us in Colonie," she said.
But she also said the work is not yet done and that the town will have to continue strategic cost savings measures to get the town completely out of the deficit.
She said she hopes the entire deficit will be paid off in the next five years under the 10-year strategic plan her administration introduced last year, which includes the sale of town assets and further attrition.
Mahan would not be specific about what town assets could be sold in the future.
As for layoffs, while she said they are always an unwanted possibility, Mahan said none is being planned for now.