Albany officials spent hours Tuesday night trying to pin down how the city landed in a projected $55.5 million budget gap and what it will take to close it, as city leaders weigh a 15% property tax levy increase and a half-percent city sales tax.
The projected gap includes a $22.2 million shortfall this year and another $33.3 million next year. The Common Council’s finance committee and the city’s deputy treasurer discussed the budget at length, but council members said they still have significant questions about the assumptions behind revenues and spending.
Deputy City Treasurer’s Office official Kenneth Bennett said the city is still working through multiple funding streams as it evaluates the outlook…