School District Budget Shortfall Could Raise Property Taxes
As the City of Albany waits to hear if the state will contribute $12.5 million to close a budget gap, residents are being cautioned to prepare for a tax hike.
In what's become a waiting game for city officials and taxpayers, Mayor Kathy Sheehan, hoping the state budget due in March rescues city finances, has instituted a hiring freeze and is considering program cuts. But taxes could still go up, thanks to a DIFFERENT budget's shortfall. The Albany School District is looking to the state to fill a 1.8 million dollar shortfall. State aid accounts for 42 per cent of the district’s budget. There is no plan in place to wean either spending plan off state funding.