Tonight, the City of Albany Common Council passed Mayor Kathy Sheehan’s first city budget, a proposed $176 million budget for 2015.
“This is a fiscally responsible budget that controls taxes, prioritizes public safety, and invests in the future of all our neighborhoods,” Mayor Sheehan said, “and I’d like to thank the Common Council for working together and their overwhelming support of the budget.”
The budget was passed by an 11-4 margin.
The Sheehan administration closed a $15 million budget deficit it inherited by making responsible cuts and finding new sources of revenue. Over $5 million in recurring cuts were made and key investments will save even more money. For example, a major investment in the city’s computer system is expected to save $2 million annually when fully operational.
The budget gap was also closed by asking Albany’s major non-profits to commit for the first time to voluntary payments in lieu of taxes, or PILOTs, and they have so far committed to paying $1.5 million to the city’s general fund in 2015.
Because the budget stayed within the tax cap, homeowners will get a full rebate through Governor Cuomo’s tax cap initiative.
The budget also provides for quality-of-life improvements. To make it easier to for homeowners and business owners to invest in their properties, the City of Albany is consolidating departments related to building (Planning, Building & Codes, and Community Development) under one roof on Henry Johnson Blvd. The City has also allocated funds to embark on a rezoning effort, leverage state and federal money to improve access and other amenities along the waterfront, and reconfigure Madison Ave. to make that road more safe for pedestrians, cyclists and drivers.
