ALBANY, N.Y. (WRGB) — 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.”…