ALBANY, N.Y. (NEWS10)-- In an announcement about the proposed Albany County 2025 Executive Budget, county officials said the budget includes a 3% increase, totaling $847 million compared to the 2024 adopted budget of $822 million. Residents can expect property tax rates to decrease slightly and investment in economic and workforce development in 2025.
According to County Executive Dam McCoy, the budget shows a dramatic increase in private investments, including the Menands Regeneron development, Bilinski Sausage Comapany's growth in Colonie, and more.
Prescription costs have also been on the county's radar. A partnership with Health Insurance Solutions, Inc. saved $5.7 million in employee prescription costs, and the county anticipates $4 million in savings in 2025.
The budget documents workforce and job development improvements using American Rescue Plan Act (ARPA) funds in underserved communities. Of 15 awarded grants, $2.2 million was given to organizations that provide training opportunities for health care and manufacturing, which McCoy said helps attract more companies to the county.
Additionally, McCoy said social services through county government programs and local organizations play a pivotal role in Albany County's economic recovery. The budget will invest in food insecurity by dedicating $250,000 to the Regional Food Bank and United Way of the Capital Region.
The budget also invests in addiction recovery after awarding 12 local organizations with Opioid Settlement Fund Community Grants totaling $2.3 million. The investment supports treatment, recovery, prevention, and education programs, and an additional $800,000 will be dedicated to expanding county addiction recovery programs.
McCoy said the budget represents over a decade of decreasing property tax rates and building on Albany County's economic growth and job creation. He also noted that the process wasn't easy but is proud to oversee a budget that county's tax rate over the last decade.
"Despite the challenges posed by rising inflation, global economic shifts, and unfunded mandates, I have delivered on my commitment to provide the highest level of services at one of the lowest tax rates in the New York State," McCoy said. "I would like to thank the County Legislature, Comptroller Susan Rizzo, Sheriff Craig Apple, Sr., and Clerk Bruce Hidley for their cooperation during the budget process."
