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Albany finance director reports unaudited FY25 surplus, cites one-time revenues and higher labor costs
Summary
Finance Director Raina Schwartz reported an unaudited FY25 positive variance (about $800,000) driven largely by one-time revenues including a large property transfer; expenses were higher due to a $1.5 million settlement, updated MOUs and IT/security spending. The FY24 financial report received a GFOA award.
On Oct. 13 the Audit and Fiscal Sustainability Standing Committee heard a preliminary (unaudited) year-end budget review for fiscal year 2025 from Finance Director Raina Schwartz, who reported an overall positive variance of roughly $800,000 but cautioned that much of the revenue upside was one-time and that expense pressures persist.
"We had our auditors on-site last week, and it went very well," Schwartz said, and later announced the city had received the Government Finance Officers Association (GFOA) award for excellence in financial reporting for FY24. She said the city is aiming to complete the FY25 audit before Dec. 31 but the audited report may not reach council until January because of meeting…
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