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McCoy Budget Proposal Builds on Services for Residents; Keeps the County Under Tax Cap for Fifth Consecutive Year

Posted: Tuesday, October 10, 2017 2:15 PM

Albany County Executive Daniel P. McCoy today presented the Executive Budget for 2018, a spending plan that builds on the county's sound fiscal practices and keeps county spending under the state-mandated tax cap for the fifth year in a row.

"My commitment remains to provide critical services to over 300,000 people in our county while ensuring that taxpayers are able to keep more of their hard-earned money in their pocket," said McCoy. "Despite the pressures of unfunded mandates and cuts in state aid, we continue to increase our reserves and to fund programs that enhance the lives of people in the county. I look forward to working with our legislature to enact this budget." 

This budget proposed by McCoy does not increase the tax rate, maintains services and is the fifth consecutive budget that has come in under the cap. The efforts of the county to enhance fiscal stability means the county continues for the second year in a row in the category of "no designation" of fiscal stress in the State Comptroller's Fiscal Stress Monitoring Report.

The budget further continues the county's investment in the highly-successful Albany County Land Bank in the form of $250,000 in grant funding. The grant will enable the land bank to raise additional grant support and financial support. This grant brings the county's commitment to the land bank to $2 million, which has helped to restore neighborhoods and add more than $2.5 million in assessed value to the tax rolls in the county. Since its establishment in 2014, the land bank has acquired 631 properties in the county and returned $5.3 million is assessed value to the tax rolls. 

The $678.6 million proposed budget includes the anticipated revenue of $1.6 million from the Rivers Casino and Resort in Schenectady and an additional $1.6 million in raising the tax levy. Once again, the tax rate will remain the same as last year due to the increase in full valuation of real property within the county. 

The County Executive noted that while a significant portion of the budget are costs mandated by the state, resources provided to the county by the state and federal government may be reduced in the coming year. That uncertainty has required the administration to assume that revenue from others sources may be reduced.

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Albany County ExecutiveDaniel P. McCoy