ALBANY, N.Y. (NEWS10) — Albany County Executive Dan McCoy released his Executive Budget for the 2023 fiscal year. The budget, totaling $756.8 million, includes a 5.9% increase over last year’s 2022 adopted budget valued at $714.6 million. The full executive budget can be viewed by visiting the Albany County website.

“As families continue to struggle with historically high inflation and as the Federal Reserve looks to continue raising interest rates, we must be prepared for a possible economic downturn in the future,” said McCoy. “That’s why I’m proud to present another fiscally responsible budget plan that holds the line on taxes now for the tenth year in a row, without making cuts to our workforce or the innovative programs and services that our residents rely on each day.”

For six consecutive years now, the State Comptroller’s Office has placed Albany County in a category of “No Designation of Fiscal Stress” based on a record of fiscal management and growth. The Executive Budget for 2023 predicts sales tax revenues to grow by 7.89% to over $326 million, compared to the $302,200,000 budgeted for 2022.

An additional $250,000 has been allotted for the Advance Albany County Alliance, the local development corporation created by the County Executive and the County Legislature in 2020. The Alliance is the first economic development entity that has been focused on creating job opportunities and attracting new business investments solely in Albany County.

Included in the spending plan is $4 million for Sustainable Technology and Green Energy (STAGE) Act initiatives. These initiatives will support projects that reduce Albany County’s reliance on fossil fuels, including hydrogen and offshore wind developments.