The Albany Common Council’s Finance, Assessment, and Taxation Committee held a meeting Monday night to discuss the city’s budget and economic situation.
Finance Committee Chair Meghan Keegan laid out the reality of the budget.
“There is no way to cut this budget any further than it’s already cut without eliminating substantial components of the city’s workforce,” she said
Looking to next year, Keegan says at best the city is looking at $8 million in non-existent revenue in the proposed budget for 2027. At worst, that number climbs to $16.7 million.
Some possible solutions include cuts to summer youth programs and cultural affairs events, including Tulip Fest.
“We, as a body, the Common Council, are not able to do any staffing cuts, but the majority of a municipality’s budget in Albany, it’s about 73%, goes to staffing,” Albany Common Councilmember Ginnie Farrell said.
According to Farrell, the budget has to be voted on by Nov. 30. If that doesn’t happen, it reverts to the proposed budget submitted on Oct. 1
Meanwhile, the mayor’s office is trying to take out a $10 million short-term loan to help make payroll for this year.
Mayor Dorcey Applyrs’s office says that loan will be paid off with sales tax revenue the city expects in 2026. That money will be set aside and the loan will be paid in February.
According to the mayor’s office, bids for the loan are due on Nov. 12, and it will be issued on Nov. 24.
Read More: Albany Finance Committee addresses city’s budget
