Disclosed is a concentrated cooling water additive that is substantially non-corrosive within a pH range of 2-12 and contains polymeric dispersant(s) and aromatic azole(s) that exhibits improved stability, possibly as a result of the interaction of the hydrophobic groups in the dispersant polymer and the aromatic azole(s). This improved stability allows for both reduced corrosivity of the formula and reduced manufacturing costs. Benefits of the disclosed formulations include improved safety for handling and shipment, more concentrated formulations available in liquid form, reduced shipping costs and storage space, reduced heat of neutralization during product manufacture, reduced costs of manufacture due to removal of need for caustic or acid addition and reduced environmental compliance costs associated with washing and waste handling step.