ALBANY, N.Y. - State Comptroller Thomas DiNapoli released a report highlighting the financial condition in the City of Albany.
The report shows that Albany is troubled with high poverty and a reduced tax base because of vacant and tax-exempt properties. DiNapoli says the problem began in 2012 and that the city's deficit could exceed $10 million by the end of 2014.
Mayor Kathy Sheehan joined Comptroller DiNapoli at the press conference on Tuesday to discuss the report and fiscal challenges facing the city.
The report also showed there were some positive economic indicators, such as the city’s unemployment rate. The City of Albany’s unemployment is 7.2-percent, which is less than the statewide 7.7-percent as of April 2013. The population in the city is also starting to increase.
The State Comptroller said Albany is facing fiscal challenges but that the new mayor has hit the ground running.
"I always point out that better long range planning and an honest conversation about the numbers can help overcome many fiscal challenges. And that's not only important for the elected officials but for the residents in the community to have a better handle on what's happening in their own city, their town, their village or their county," said DiNapoli,
DiNapoli also stated that the city’s median home value is nearly $80,000 than the statewide city median.
The report comes as the city is awaiting recommendations from the state's financial restructuring board on how to best cut costs. That report is expected to be released in August.