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ALBANY, N.Y. — Albany County Executive Daniel McCoy recently released his Executive Budget for the fiscal year 2023.
The fiscally responsible and forward-thinking spending blueprint comes amid the lingering effects of the COVID-19 pandemic, record-high inflation in the United States, and predictions of an economic downturn in the months ahead. The balanced budget, totaling $756.8 million, represents a 5.9% increase over last year’s 2022 Adopted Budget valued at $714.6 million.
The proposed tax levy of $99,752,250 would be the exact same as last year’s levy, ensuring savings are passed onto taxpayers. Due to new construction as well as increased valuations on existing real estate, McCoy was able to reduce the effective tax rate to $3.17 per $1,000 next year, down from $3.45 per $1,000 this year and from $3.95 in 2014. That represents a nearly 20% reduction over time, and this is the fifth year in a row that the average property owner will see their tax rate decrease.
“As families continue to struggle with historically high inflation and as the Federal Reserve looks to continue raising interest rates, we must be prepared for a possible economic downturn in the future. That’s why I’m proud to present another fiscally responsible budget plan that holds the line on taxes now for the tenth year in a row, without making cuts to our workforce or the innovative programs and services that our residents rely on each day,” McCoy said in a news release.
“When I first took office, the county was borrowing money just to make payroll. Just as the people of Albany County entrusted me to steer the ship through that financial crisis and the COVID pandemic that followed years later, I will continue to steer us through whatever is on the horizon. This budget will make Albany County an even more affordable and attractive place to live and do business with one of the lowest effective tax rates in New York state while investing millions in the green economy and economic development that will lead to continued growth in the future,” he continued.
For six consecutive years now, the State Comptroller’s Office has placed Albany County in a category of “No Designation of Fiscal Stress” based on an impressive record of fiscal management and growth. The Executive Budget for 2023 forecasts sales tax revenues to grow by 7.89% to over $326 million, compared to the $302,200,000 budgeted for 2022. Additionally, a prepayment of the Albany County’s amortized pension obligation will save taxpayers millions of dollars over the next three years.
Included in County Executive McCoy’s spending plan is $4 million for Sustainable Technology and Green Energy (STAGE) Act initiatives, which will support projects that reduce Albany County’s reliance on fossil fuels, including hydrogen and offshore wind developments.
An additional $250,000 has been allotted for the Advance Albany County Alliance, the local development corporation created by the County Executive and the County Legislature in 2020. The Alliance is the first economic development entity that has been focused on creating job opportunities and attracting new business investments solely in Albany County.
McCoy continues to prioritize funding for the Albany County Land Bank, which has played an indispensable role in addressing blight, improving neighborhoods and creating affordable homes for residents looking to establish roots in the county. The 2023 Executive Budget includes $250,000 for the Land Bank, bringing the total county commitment to $3.75 million since it was established in 2014.
The Albany County Legislature is gearing up for a comprehensive review of McCoy’s proposed 2023 budget to ensure a spending plan that continues to promote the financial recovery of the County and the stability of its workforce.
“The proposed 2023 budget is encouraging as it keeps property taxes flat while also investing in critical programming throughout the county,” Chairman Andrew Joyce said.
“As we move beyond direct pandemic response, we are shifting our focus to investments for our long-term future prioritizing green energy, strengthening community initiatives and providing other critical resources that will benefit our residents for years to come. The projected increase in sales tax and an influx of revenues forecasts a stable economy for the County. We look forward to collaborating with the County Executive and department heads in the weeks to come to fully realize our vision for the county,” Joyce explained.
“The County Executive has proposed a fiscally responsible plan for 2023. The plan to pay off retirement costs owed by the County to the New York State Retirement System is a great way to ensure the stability of the greatest employee benefit to county workers,” said Deputy Chairwoman Wanda Willingham. “However, our work is not finished and the Legislature will begin its efforts to increase opportunities for vulnerable populations. I look forward to working with my colleagues on the Audit and Finance Committee to help provide a budget that is beneficial for all county residents.”
“The Albany County Legislature looks forward to continuing our partnership with County Executive Dan McCoy to achieve our joint vision for Albany County. As Democratic Majority Leader of the Legislature, I fully support Executive McCoy’s hard work to keep Albany County under the tax cap without raising the tax levy. With uncertainty in the years ahead due to COVID-19, Executive McCoy has given us a fiscally strong and stable budget to review as the Legislature goes into its budget process. I look forward to partnering with him further in the weeks ahead to deliver a budget that provides for everyone in Albany County,” Majority Leader Dennis Feeney added.
The Audit and Finance Committee will host a series of meetings as part of its annual review of the budget beginning on Wednesday, Oct. 19, at 5:30 p.m. The Committee will first meet with the County’s elected officials, including the County Executive, County Clerk, District Attorney, Sheriff, Coroners, and Comptroller.
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