Albany County Executive Daniel P. McCoy today released his Executive Budget for fiscal year 2024. The fiscally responsible and forward-thinking spending blueprint comes as Albany County continues to deal with dueling mental health and addiction epidemics, along with crises related to affordable housing, homelessness and an influx of migrants. The balanced budget, totaling $819 million, represents an 8.3% increase over last year’s 2023 Adopted Budget valued at $756.8 million.

The proposed tax levy of $99,752,250 would be the exact same as the levies for both the 2023 and 2022 budget, ensuring savings are passed onto taxpayers. In his latest spending plan, County Executive McCoy was able to reduce the effective tax rate to $2.84 per $1,000 in assessed property value for 2024, down from $3.17 per $1,000 this year and from $3.95 in 2014. That represents a 10.4% reduction year-over-year, and a more than 28% reduction over the last decade. 

“Our residents deserve a county government that is efficient, effective and responsive to their needs. This spending plan represents each of those things, and I’m proud to oversee a budget with an effective tax rate that has been cut by over 28% since 2014, despite continued unfunded mandates from New York State. We’re doing that by making government more streamlined and investing in economic development and growth, thereby raising property values, expanding our tax base and bringing in more revenue,” said Albany County Executive McCoy. 

“I’m proud of this latest spending plan, because it shows what our priorities are. We are dealing with mental health challenges, and we continue to lose loved ones to addiction and overdoses. Many are struggling to make ends meet and are forced into homelessness. And we continue to see the effects of climate change here in New York and across the globe. Tackling these issues will require smart investments, and that’s what we’ve done with this budget,” he continued.  

For seven consecutive years now, the State Comptroller’s Office has placed Albany County in a category of “No Designation of Fiscal Stress” based on an impressive record of fiscal management and growth. In fact, the County’s fiscal stress score has dropped from 43.3 in 2020 due to the financial challenges of the COVID pandemic, to 3.3 in 2022.  The Executive Budget for 2024 forecasts sales tax revenues to grow by nearly 12% to over $365 million, compared to the $326 million budgeted for 2023. 

In order to address the ongoing mental health and addiction crises, the County Executive discussed new investments in county programs and services. A new partnership with Albany County Legislature will allocate $100,000 in seed funding to address high rates of suicide among veterans as they return home after service. Additionally, Albany County will boost funding levels to grow the Law Enforcement Assisted Diversion (LEAD); Albany County Crisis Officials Responding and Diverting (ACCORD); Mobile Outreach, Treatment, and Overdose Response (MOTOR); and the Mental Health Court. 

Albany County has begun to receive opiate settlement funds to address the ravages of the opiate epidemic.  These funds are the result of the county’s litigation against drug manufacturers and distributers. The New York State settlement funds will be available until 2039 and present unprecedented opportunities for local governments to save lives and reduce suffering. To this end, County Executive McCoy oversaw the creation of the Opiate Settlement Fund Coordinator position to ensure responsible and appropriate expenditures that meet our community’s most pressing needs.

County Executive McCoy’s commitment to addressing climate change is continued in the latest spending plan. Funding is dedicated to the ongoing transition of Albany County’s passenger vehicle fleet to 100% electric by 2030. In order to support the expansion of electric vehicle charging stations at the MVP Arena parking garage, a new solar panel canopy will be built over the top level of the structure, which will generate over 1.08 million kWh in energy production in the first year of operation. 

Included in this spending plan is $6 million for Sustainable Technology and Green Energy (STAGE) Act initiatives, which will support projects that reduce Albany County’s reliance on fossil fuels, including Plug Power’s hydrogen fuel cell manufacturing and offshore wind developments.

An additional $400,000 has been allotted for the Advance Albany County Alliance, the local development corporation created by the County Executive and the County Legislature in 2020. The Alliance is the first economic development entity that has been focused on creating job opportunities and attracting new business investments solely in Albany County.

County Executive McCoy continues to prioritize funding for the Albany County Land Bank, which has played an indispensable role in addressing blight, improving neighborhoods and creating affordable homes for residents looking to establish roots in the county. The 2024 Executive Budget includes $250,000 for the Land Bank, bringing the total county commitment to $4 million since it was established in 2014.

The full 2024 Executive Budget can be found on the Albany County website at the link here http://www.albanycounty.com.