As Albany faces multimillion-dollar budget deficits for multiple years, the city will get more than $40 million in the New York State budget.
The city’s mayor and state representatives announced the funding on Tuesday. It includes $20 million in standard municipal aid and $20 million to help close the budget gap, which is nearly $20 million for fiscal year 2025 and more than $20 million for fiscal year 2026.
The funding announcement came the same day Mayor Dorcey Applyrs said she had identified $7.6 million in potential savings as the city has implemented a hiring freeze for non-essential workers and made changes that include curbing overtime costs and restructuring the way events are paid for.
The state funding, twice what the capital city typically gets, will arrive after Albany’s state representatives have long lobbied for additional funding, in part because more than half of all property value in Albany is tax-exempt as a result of being owned by the state, universities and other tax-exempt institutions.
In a statement, Applyrs said the additional state money “moves our city significantly closer” to addressing its fiscal challenges.
