Albany Co. offering workers $15K buyout to help with budget gap
Aug 21, 2020 5:30 am
Steve Hughes is reporting for the Times Union Albany County is offering a $15,000 buyout to its workers as officials confront a potential $40 million budget deficit this fall. Employees received a letter August 17, with details from the county Department of Management and Budget. The option is available to all full-time employees with no minimum requirements for years of service. The hope is that 50 employees accept the offer, which would result in a savings of between $1 million to $2 million in the 2021 budget year. The county has roughly 2,300 employees. The deadline for submitting a buyout application is September 4. Albany County is the first known county in the region to make this option available to employees, but others have warned of difficult financial choices. “Every option is on the table right now,” County Executive Dan McCoy said. “This is a true recession and most people aren’t even thinking about it. This is the ripple effect we’re getting from the shutdown.” There are some conditions attached to the buyout invitation: Employees would not be able to return to a county job for three years and the buyout would not be considered a retirement incentive. Plus, the county must approve the employees who apply. Workers would be required to leave their jobs by December 15, and their positions will not be filled in the 2021 budget. Read the full story in the Times Union.