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The Wall Street Publication > Blog > U.S > Albany leaders take into account finances stabilizing measures as income falls quick
U.S

Albany leaders take into account finances stabilizing measures as income falls quick

Editorial Board Published July 9, 2025
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Albany leaders take into account finances stabilizing measures as income falls quick
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ALBANY — Aiming to treatment a structural deficit, Albany officers have begun discussing methods to extend tax income, a lot of which would want resident approval on the poll field.

In June, councilmembers adopted an up to date finances for fiscal yr 2025/26 that, for the primary time in years, featured a balanced normal fund of $33.5 million. The cash largely covers staffing prices with the best quantity going to the police and fireplace departments.

Whereas balanced for now, Finance Director Reina Schwartz famous throughout a council assembly Monday {that a} structural deficit — peaking at almost $2 million in 2029 or $6 million in 2035, relying on estimates — nonetheless exists. Rising pension liabilities at present price $45.2 million and main capital enchancment tasks stay unfunded. The council beforehand accepted a capital enchancment plan price $42.6 million over a five-year interval, although a brand new wants evaluation is predicted to be performed.

Quite a few particular tax measures and costs already on the books are anticipated to herald about $6 million in help for providers just like the library, parks and open area services, avenue paving and storm drain system upkeep.

Greater than $20 million from taxes and license charges, together with property and gross sales taxes, flows into the overall fund yearly, based on the town’s newest adopted finances.

With income nonetheless falling quick, metropolis workers offered the Metropolis Council with 9 potential choices for accumulating extra money, together with updating the language of the town’s enterprise license charge, a avenue tree parcel tax and avenue lighting parcel tax, updating the town’s sewer enterprise charge to make sure everybody utilizing the system is paying correctly, and issuing bonds for constructing and facility upgrades.

“I would never say these are a quick fix. They are a process. This is a journey,” Schwartz mentioned Monday.

When every merchandise will come earlier than voters may range. Schwartz and Metropolis Supervisor Nicole Almaguer mentioned the timing to position a parcel tax for avenue bushes and lighting on the June 2026 poll could be “extremely tight” however doubtlessly doable.

“Rushing that one could be disappointing,” Almaguer mentioned. “I think we could benefit from looking to November.”

A enterprise license modernization measure may additionally seem on the June 2026 poll with much less pressure, although Almaguer mentioned the town wish to meet with the enterprise group earlier than finalizing poll language.

Work to modernize different tax measures is ongoing and a few could come earlier than voters in 2026, Almaguer mentioned, noting these measures are all particular taxes that don’t essentially help the overall fund.

Employees plans to proceed investigating potential bond measure situations and should come again to council for an introductory dialog nearer to 2028, Almaguer estimated. Income from new bonds would assist cowl the Higher Solano Avenue Revitalization Challenge; a pedestrian, bicycle and transit enchancment undertaking; renovation and program upgrades on the Memorial Park Veteran’s Constructing; and different constructing and facility enhancements.

Updates to the sewer charge wouldn’t go to voters. As an alternative, the council would maintain a public listening to and make the ultimate determination to boost charges, however they’d have an August 2026 deadline to supply that data to Alameda County to replace tax rolls.

“I’ve been chomping at the bit to get some answers on this and I appreciate that I’m getting a complete package and a complete understanding of the timeline in which we have to think about these things and a timeline for what’s realistic about doing anything,” Councilmember John Miki mentioned.

Vice Mayor Peggy McQuaid shared issues about overwhelming Albany voters by inserting too many measures on a single poll, noting there’ll doubtlessly be a regional transportation measure and different objects that can probably come earlier than voters subsequent yr.

She advocated for being reasonable about what the town asks of its residents and for bundling associated objects like avenue lighting and tree administration, calling it “a relatively easy sell.” Getting an up to date enterprise license measure handed can also be doable this upcoming election cycle, McQuaid mentioned.

“We want them to trust us. We want them to believe us. We want to be able to serve them and I think if we overwhelm them they may just throw up their hands and say I’m not doing any of this,” McQuaid mentioned. “Ideally, I’d like to do all of this, but I think we’re really going to have to think about what we can do and sort of keep it simple and take care of our real needs.”

Miki additionally shared issues about too many measures showing on a single poll, however was additionally fearful about lumping collectively a simple request like merely cleansing up language in current tax measures to make sure everyone seems to be paying their fair proportion with a brand new tax.

Councilmember Preston Jordan was much less involved with the variety of measures added to a poll, arguing that the town has a well-educated citizens that has dealt with giant ballots prior to now.

Nonetheless, he mentioned he’d wish to see a few the measures seem on the June 2026 poll to allow the town to start accumulating income sooner, lowering the variety of measures showing on the November 2026 poll.

Monday’s dialogue was solely the start of the town’s course of to develop new and replace current income streams. Substantial work is required to research every concern, develop figures and draft acceptable poll measures, Almaguer mentioned.

“We’ve been working on this for many months already,” Almaguer mentioned. “The work is important. It’s also important to get it right and I think there is a lot more legal analysis that needs to be done.”

TAGGED:AlbanyBudgetfallsleadersmeasuresRevenueShortstabilizing
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