City of Albany | PFM Report
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The City of Albany engaged Public Financial Management (PFM) to analyze its finances for fiscal years 2017–2020 and identify measures to reduce expenditures, increase revenues, and improve service efficiency while reducing dependence on State aid. The analysis was conducted by a multidisciplinary team of consultants and built upon prior 2015 recommendations from the State's Financial Restructuring Board, which had suggested system upgrades and shared services initiatives with other Albany County governments to achieve property tax relief eligibility. PFM's findings and recommendations were intended to support a phased reduction in State aid as the City strengthened its operational efficiency.
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The City School District of Albany proposed a $260.4 million budget for 2019-20 with a 1.99% tax-levy increase, marking the sixth consecutive year of increases below 2% and averaging 0.86% over that period. The budget, unanimously approved by the Board of Education on April 4, maintains comprehensive academic and extracurricular programs including full-day pre-K, music instruction, foreign language programs, Advanced Placement courses, and Community Schools initiatives, while expanding Community Schools funding by approximately $600,000 to add Edmund J. O'Neal Middle School. Voters were scheduled to decide on the proposal on May 21, 2019.
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