Thursday, September 25, 2014

Albany County Executive: Fiscal Stress Rating Improvement Shows Administration’s Financial Strategy Producing Results

Albany County Executive Daniel P. McCoy said the fiscal management strategies and cost-saving measures implemented by his administration in the last two years have produced measurable results. This is reflected in the Fiscal Stress Monitoring Report issued by NYS Comptroller Tom DiNapoli.

In the report, Albany County’s rating comes in at 54.6% which is an improvement from the “moderate fiscal stress” rating issued in 2013. The county is one of 23 localities that moved into a lower stress category.      

“The report indicates that my administration has successfully taken on the challenges of getting the county’s finances on track, that we are making sound fiscal decisions and staying within our means,” said McCoy. “As we enter budget season my administration remains focused on improving our finances, reducing debt and providing value for the taxpayers.”

In the last two years, the McCoy administration has taken several steps to get Albany County on the right track. The 2014 county budget met the state property tax cap and was enacted with a 1.6 percent increase in the tax levy, the lowest in the last five years. Earlier this year, the county forged agreements with unions representing 270 nursing home employees that will provide millions in annual savings to the county. Albany County has been working aggressively to foster cost-savings to the county through inter-municipal and inter-departmental cooperation strategies. The administration has also worked to reduce the county’s rolling cash deficit to $10 million for this year. In 2012, that deficit was more than $15 million.    

“My administration will to continue to make the tough fiscal decisions and to be proactive in addressing fiscal issues,” said McCoy. The decrease in our fiscal stress score is a tangible measure of our efforts and shows we are heading in the right direction. My administration remains committed to cutting costs, implementing cost-saving efficiencies and consolidations in order to further improve county finances.” 

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