Albany officials are addressing a structural deficit projected to peak at nearly $2 million in 2029 or $6 million in 2035, influenced by growing pension liabilities of $45.2 million and unfunded capital improvement projects. The council adopted a balanced general fund of $33.5 million for fiscal year 2025/26, which mainly covers staffing, particularly in police and fire departments. Officials presented nine options for increased revenue, including parcel taxes and updated fees, which will require voter approval to implement. City revenues currently fall short despite contributions from existing taxes and fees.
The city has been experiencing a structural deficit, projected to peak at nearly $2 million in 2029 or $6 million in 2035 due to growing pension liabilities and unfunded capital projects.
A balanced general fund of $33.5 million has been adopted for fiscal year 2025/26, primarily covering staffing costs, especially for police and fire departments.
Nine options for increasing revenue have been proposed to the City Council, including updating business license fees and implementing parcel taxes. The process requires voter approval.
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