(ALBNY, NY) — The city of Albany is stressed out financially. That’s the determination from the New York State Comptroller’s office, which placed the city in the category of “significant financial stress.” That comes after a $22-million budget shortfall for this year and a projected $33-million deficit for next year.
The comptroller’s office said Albany is second-worst in the state. Only New Hempstead fared worse in the office’s Fiscal Stress Monitoring report.
“It means they’ve depleted their fund balance,” said Ed Burgess, director of municipal audits for the comptroller. “They don’t necessarily have those rainy day reserves anymore.”
Should neighbors be concerned about diminished services or other affects?
“The city has to consider everything, right?” Burgess said.
He said it will be up to city leaders to figure out a way out of the issues.
“Albany has a lot of a lot of discussions to have, a lot of decisions to make,” he said. “Their mayor is working on those issues.”
The city may get some help from the state. Mayor Dorcey Applyrs asked the comptroller’s office to review her latest budget proposal. Burgess said that is underway and the state could offer tweaks and suggestions to help.
Applyrs’ office said she is working on fixes, saying the rating “… illustrates the reality of the fiscal outlook the Applyrs Administration has been laser focused on improving, and the importance of the work the Administration is doing every day to right the ship”
Zipporah Hommel, spokesperson for Applyrs said, “Mayor Applyrs will present a balanced 2027 Proposed Budget on Oct. 1 that prioritizes public safety, maintains services to residents, and strengthens economic vitality.”
View the report here: https://www.osc.ny.gov/files/local-government/fiscal-monitoring/2025/pdf/2025-munis-stressed.pdf?utm_medium=email&utm_source=govdelivery