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Proposed Albany County budget gets bigger, but tax rate decreases

Oct 14, 2022 12:55 pm

The Troy Record reports about Albany COunty's proposed $756.8 million budget for next year. That is a proposed 5.9 percent increase over last year’s budget. Because of new construction and increased valuations on existing real estate, the effective tax rate would be $3.17 per $1,000 next year, down from $3.45 per $1,000 this year. “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. That’s why I’m proud to present another fiscally responsible budget plan that holds the line on taxes now for the tenth year in a row, without making cuts to our workforce or the innovative programs and services that our residents rely on each day,” Albany County Executive Dan McCoy said in a press release. Now the proposed budget will move through the legislature beginning with the Audit and Finance Committee annual review of the budget beginning at 5:30 p.m. on Oct. 19. Read the Troy Record for the full story.