ALBANY, N.Y. (NEWS10) — Albany County Executive Daniel P. McCoy released his Executive Budget for the fiscal year 2023 on October 7. The spending blueprint comes amid the lingering effects of the COVID pandemic, record-high inflation in the United States, and predictions of an economic downturn in the months ahead.
The budget, totaling $756.8 million, represents a 5.9% increase over last year’s 2022 Adopted Budget valued at $714.6 million. The proposed tax levy of $99,752,250 would be the exact same as last year’s levy, ensuring savings are passed onto taxpayers. Due to new construction as well as increased valuations on existing real estate, County Executive McCoy was able to reduce the effective tax rate to $3.17 per $1,000 next year, down from $3.45 per $1,000 this year and from $3.95 in 2014. That represents a nearly 20% reduction over time, and this is the fifth year in a row that the average property owner will see their tax rate decrease.
Executive McCoy comments, “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. 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 years, 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 forecasts sales tax revenues to grow by 7.89% to over $326 million, compared to the $302,200,000 budgeted for 2022. Included in County Executive McCoy’s spending plan is $4 million for Sustainable Technology and Green Energy (STAGE) Act initiatives, which will support projects that reduce Albany County’s reliance on fossil fuels, including hydrogen and offshore wind developments.
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. Also included is $250,000 for the Land Bank, bringing the total county commitment to $3.75 million since it was established in 2014. The full 2023 Executive Budget can be found on the Albany County website by clicking the rotator on the home page.