ALBANY, NY (NEWS 10) — Albany County Executive Daniel P. McCoy released his fiscal year 2023 executive budget on Oct. 7. The spending plan comes amid the lingering effects of the COVID pandemic, record inflation in the United States and predictions of an economy. fall in the coming months.
The budget, totaling $756.8 million, represents a 5.9 percent increase over last year’s approved 2022 budget of $714.6 million. The proposed tax rate of $99,752,250 would be exactly the same as last year’s rate, ensuring that savings are passed on to taxpayers. Because of new construction and increased valuations of existing real estate, the McCoy County Executive was able to lower the effective tax rate to $3.17 per $1,000 next year, from 3, $45 per $1,000 this year and $3.95 in 2014. That’s almost $20. % reduction over time, and this is the fifth year in a row that the average homeowner 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. It is that’s why I’m proud to present another fiscally responsible budget plan that holds the tax line for the tenth year in a row, without making cuts to our workforce or the innovative programs and services our residents rely on every day.”
For six years, the State Comptroller’s Office has placed Albany County in a “No Fiscal Stress Designation” category based on a record of fiscal management and growth. The 2023 executive budget projects sales tax revenue to grow 7.89% to more than $326 million, compared to $302.2 billion budgeted for 2022. The executive’s spending plan of McCoy County includes $4 million for Sustainable Technology and Green Energy Act (STAGE) initiatives, which will support projects that reduce Albany County’s reliance on fossil fuels, including hydrogen and wind developments marine
An additional $250,000 has been allocated for Advance Albany County Alliance, the local development corporation created by the County Executive and County Legislature in 2020. Also included is $250,000 for the Land Bank, which raises the county’s total commitment to $3.75 million since it was established. in 2014. The full executive budget for 2023 can be found at Albany County website by clicking on the home page rotator.