ALBANY, N.Y. (NEWS10) — Albany County Executive Daniel P. McCoy announced his 2021 Executive Budget on Monday. According to his office, it builds on consecutive years of fiscal responsibility amid the pandemic and continued fallout from economic shutdowns that significantly reduced revenue streams like sales tax.
“Our residents deserve the peace of mind knowing that in the event of an economic downturn, they would be insulated from tax increases. However, no one could have known we would be dealing with a pandemic this year that has already taken roughly 215,000 American lives,” McCoy said. “With county sales taxes dropping $18.4 million, and Hotel Occupancy Taxes plummeting over 33%, we will use some of that rainy day fund and other smart cost savings for what can only be equated to a torrential downpour of a year to ensure we’re not raising taxes nor cutting programs for residents and businesses still trying to get back on their feet.”
Despite a lack of federal aid, the McCoy presents a spending plan that reportedly stays below state-mandated property tax caps, does not raise tax rates, without layoffs or cuts to programs or services. A household with a $150,000 income is projected to save about $1 on their tax bill, and this is the third year in a row that average property owners reportedly will see tax rates decrease.
The budget totals over $719 million, about a 1.8% drop from 2020’s Adopted Budget of roughly $733 million. The budget uses $3 million of the fund balance plus $5 million in debt reserve to address revenue losses. “I was planning for something, but I didn’t know what that something was,” McCoy said of the rainy day fund he worked to bolster. “Now people need us the most, and this is when we’re delivering the most challenging budget I have delivered in my almost nine years as County Executive.”
The budget funds the County Land Bank while working to establish a county Local Development Corporation. It also includes support for green initiatives, the Opioid Task Force, and local hospitals. Take a look at the 380-page budget document below: