Albany County audit and finance committee rescinds unissued bonds, approves water projects, broadband grant and multiple capital allocations

Albany County Audit & Finance Committee chair Reedy and committee members met and unanimously approved a slate of finance and capital items, including the formal rescission of roughly $35,000,000 in previously authorized but unissued bond authorizations and multiple bond amendments for county water purification projects.

The committee’s votes also included extending a bond arbitrage compliance contract with bond counsel, amending the Department of Health’s 2025 budget to move $55,000 into overtime, accepting a $1,022,607.86 broadband infrastructure grant from Empire State Development, and approving several capital appropriations for food service equipment, information-technology upgrades, and high-rise infrastructure and floor remodeling.

Why it matters: Comptroller Susan Rizzo said the county supplies information on authorized-but-unissued debt during credit reviews and that a large total of unissued authorizations is considered a negative credit factor. Rescinding the identified authorizations is aimed at improving the county’s presentation to rating agencies and reducing perceived debt risk ahead of an anticipated July Moody’s review, Rizzo told the committee.

Comptroller presentation and bond rescission Comptroller Susan Rizzo, accompanied by Executive Deputy Frank Camuso Jr., presented a resolution “repealing various partially unissued bond authorizations” that had authorized issuance of bonds to finance capital improvements. Rizzo said her office’s July review identified “over 35,000,000 of bond authorizations [that] should be rescinded.” She said departments responsible for each authorization concurred, as did the Department of Management and Budget, and asked the committee to approve rescinding the listed outstanding balances.

Rizzo framed the rescission as a credit-quality initiative: “This is viewed as a risk and a negative credit factor,” she said, adding that the county hopes the action will support a favorable Moody’s review. The committee approved the rescission unanimously.

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