Albany County Executive Dan McCoy released his 2024 budget proposal Monday.
McCoy is proposing an $819 million budget for 2024, an increase of roughly 8 percent from the current spending plan. The Democrat running for a fourth term this fall says the proposal keeps property taxes steady.
"We're staying under the mandate, a tax cap again for the 11th straight year in a row, 11 years in a row," McCoy said. "It's all good news affecting the tax rate. Right now we're at $3.17 per 1,000 in assessed value. $2.84 per $1,000 assessed value is what we're dropping it down to. That's a 10.4% reduction from 2023 to 2024. And if you look at our tax rate was $3.95 per $1,000 back in 2014, 2e have, working with the county legislature and everyone else, knocked it down 28%. Again, Albany County will be one of the top-10 lowest taxes in the state of New York, and I take pride in it."
McCoy says the county's fund balance and his budget's sales tax forecast have grown, while the county’s fiscal stress score has dropped from 43.3 in 2020 during the COVID pandemic to 3.3 in 2022.
"We have a surplus where we should, you know, where we need to be roughly about $94 million, where's the neighborhood we need to be in for our fund balance," McCoy said. "So that's why you see our fiscal stress drop, saying we don't need to bond, or if we do bond, our interest rates go, our rates are going to be cheaper, because we're fiscally more sound than anyone else. Not anyone else, but for us of where we've been at. So I do want to thank everyone here, sales, tax revenue is probably going to be about $326 million this year, we're predicting we're predicting a 12% increase next year up to $365 million."
McCoy says Albany County has also begun receiving settlement funds from the county’s litigation against drug manufacturers and distributors.
"We received $3.4 million so far, millions more on the way. We're creating a new position, the opiate settlement fund coordinator to get these funds out to the community where they need to be. A community activist that understands what was working in this community, working with our departments to get the settlement money out, to make sure we're doing good in that sitting on it. And it gets to where it can can be to change things this person will get will get the funding to critical programs and service for addiction and treatment, recovery and prevention," said McCoy.
The budget also provides for 3% wage hikes for county employees.
The plan goes to the Democratic-controlled county legislature for consideration.
"A strong economic development footprint, as it relates to green jobs, and sustainable technology is a key focus for us," said Legislature Chair Andrew Joyce. Also maintaining and increasing mental health services, and support for those suffering from addiction in Albany County. And, of course, investing in our workforce in the county as well," Joyce said.
Republican and Conservative Conference Minority Leader Frank Mauriello issued a statement that says in part "A more than 10% cut to the property tax rate — down 28% since 2014 — will provide much needed relief for hardworking families in Albany County. A substantial drop in our fiscal stress rating proves we are on a financially responsible path."
You can see the full proposal at the link here http://www.albanycounty.com by clicking on the rotator on the home page.
