State Comptroller Thomas DiNapoli released a report concerning the financial condition of the City of Albany.
The report shows - that Albany has a high level of poverty - and unable to collect taxes on 59 percent of the properties which are tax-exempt, plus 17 percent of other city properties that are vacant. Mayor Kathy Sheehan warns Albany faces a $16 million budget shortfall this year
The city's child poverty rate stands at 34 percent, the state average is 21 percent. The comptroller's report affirms that the high rate increases demand for social services.
The city is waiting for the August release of a New York State Financial Restructuring Board report on how to best cut costs. Sheehan remarked the city couldn't possibly tax its way out of the current problem
