ALBANY — The $756.8 million, 2023 spending plan proposed by County Executive Dan McCoy would increase spending by 5.9 percent, or $42.2 million, but reduce taxes by about 8.1 percent.
McCoy said if the budget is approved as presented, the tax rate for a property owner in Albany County would reduce to $3.17 per $1,000 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,” McCoy said in a statement. “That’s why I’m proud to present another fiscally responsible budget plan that holds the line on taxes now for the 10th year in a row, without making cuts to our workforce or the innovative programs and services that our residents rely on each day.”
The budget, which will need the Legislature’s approval, would grant all non-union employees a 2 percent raise from this year.
It also predicts sales tax revenues to grow by 7.89 percent to more than $326 million, compared to the $302.2 million this year and would use some $8 million from the fund balance.
Included in the spending plan is $4 million for Sustainable Technology and Green Energy Act initiatives, which will support projects that reduce Albany County’s reliance on fossil fuels, including hydrogen and offshore wind developments.
An additional $250,000 has been allotted for the Advance Albany County Alliance, the local development corporation focused on creating job opportunities and attracting new businesses to Albany County.
The Legislature’s Audit and Finance Committee will host a series of meetings to review the budget beginning on Wednesday, Oct. 19, at 5:30 p.m.
“The proposed 2023 budget is encouraging as it keeps property taxes flat while also investing in critical programming throughout the county,” said Chairman Andrew Joyce in a statement. “As we move beyond direct pandemic response, we are shifting our focus to investments for our long-term future prioritizing green energy, strengthening community initiatives and providing other critical resources that will benefit our residents for years to come.”