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Schenectady finance committee reviews proposed 2026 city budget; property tax revenue, insurance and health costs cited as drivers
Summary
City finance staff presented a proposed $120 million 2026 budget that officials say is roughly 3.2% larger than 2025 and is driven by higher property tax revenue, rising health insurance and debt-service costs. Council members pressed staff for line-item clarifications and follow-up answers on revenue assumptions.
The finance committee opened its review of Schenectady City’s proposed 2026 fiscal plan on a note from the committee chair calling the meeting to order and asking Commissioner of Finance May McCarthy to give a high-level overview. “The proposed 2026 budget is approximately $120,000,000,” McCarthy told the committee, calling the plan roughly 3.17% larger than the adopted 2025 budget.
McCarthy said the increase is tied largely to property taxes and rising employee-related costs. She told the committee that projected real property tax growth of about $5,949,044 is a key revenue driver. McCarthy also flagged health‑insurance and retirement costs: “MVP health…
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