Mayor Francis Slay, coming off perhaps his most turbulent year in office, will give his annual State of the City address on Friday.

Looking back at last year’s address, Slay quietly achieved several of the goals he set for himself, such as opening job opportunities and pushing for a sales-tax increase to fund public safety.

But those benchmarks have not gathered nearly as much attention at City Hall as other key events in the last several months.

Since Slay gave his 2007 speech, a state panel took over the school district, the future of Ballpark Village was thrown further into doubt, and former Fire Chief Sherman George was stripped of his title in a racially-tense fight over promotions.

That makes this year’s address all the more interesting. Will Slay extend an olive branch to his critics - or defy them with bold words?

Will he lay out an ambitious agenda for the final year of his second term - or harvest low-lying fruit that will ripen into campaign fodder for 2009?

Slay’s style has never been to make a big splash - his talking points are usually well-manicured, favoring nuance and subtlety over flair and gamesmanship.

And in the current political and economic climate - when America is worried about recession and focused on the presidential election - it might not be the best time for Slay, or any other U.S. mayor, to unveil sweeping plans to re-invent government.

Yet, as the whispers about who might run against him continue, Slay may feel compelled to use Friday’s address to leave a mark.

Still, no matter how Slay speaks, he is carrying a big stick - his campaign account. Slay raised a whopping $300,000 in the first three months of the year, giving him more than $642,000 on hand.

Don’t be surprised if, despite the recent controversies, Slay’s fundraising acumen leaves him alone on the ballot next spring.

In other words, while listening to the mayor’s speech this week, remember this: money, also, talks.

Slay: Giving State of the City speech Friday