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 Rizzo said her office’s July review identified “over 35,000,000 of bond authorizations [that] should be rescinded.”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.

Arbitrage compliance services The committee authorized extending an existing agreement with bond counsel Hawkins, Delafield & Wood for arbitrage compliance services. Rizzo explained the county entered a three-year agreement in 2022 and that the extension would exercise the first of two one‑year options. She described arbitrage as the yield differential that can arise when borrowed proceeds are invested at a higher rate than the borrowing rate and said the county requires outside services to ensure compliance with IRS rules governing arbitrage.

Department of Health overtime reallocation The committee approved an amendment to the 2025 Department of Health budget to shift $55,000 from two vacant positions into overtime. Dr. Giordano (identified in the meeting as representing the Department of Health) and Deputy Director Hoffman said the overtime funds are intended to cover required services in three hard‑to‑fill units: the 24/7 mobile crisis team, the mobile response team in the hill towns, and the jail behavioral‑health unit. Dr. Giordano said those units are “uniquely positioned where we don't get to say no to the service,” and that the department is down five positions across the three units and is “aggressively trying to fill them.” The committee approved the amendment unanimously.

Water Purification District capital projects and bond amendments Angelo Gaudio, executive director of the Albany County Water Purification District, requested reapproval of four capital projects and related bond resolutions to address comments from the New York State Environmental Facilities Corporation (EFC) and to reflect a separate public hearing the EFC requested. Gaudio said the dollar values and project scopes had not changed and that a $25,000,000 bipartisan infrastructure law (BIL) grant is associated with the sludge‑process improvement project. The four projects and costs described at the hearing were: - Select (sludge) Process Improvement Project: $65,000,000 - North Plant Treatment Process Improvement: $72,594,000 - South Plant Treatment Process Improvement: $41,042,000 - North and South Plant HVAC upgrades: $1,500,000

Committee members asked about potential state action on land‑application of biosolids and the possible cost impacts; Gaudio said a ban would affect biosolids management statewide and that potential cost impacts were not yet determined. The committee unanimously approved the project reapprovals and the associated bond‑resolution amendments that identify the public hearing and respond to EFC comments.

Property conveyances and disposition plan actions The committee approved conveyances returning two county‑owned parcels to former owners after payment of back taxes. The actions reported were: - 245 Northern Boulevard (listed in the agenda as 245 Glen Boulevard in one place): former owner paid $27,778 in back taxes; the county will convey the property under the county disposition plan. - 275 Second Avenue: former owner provided financing to cover $81,526 in back taxes and the county will convey the property.

Capital appropriations and other facility projects The committee approved a series of capital items for county facilities, including: - A bond resolution for food service and distribution equipment (estimated maximum cost $300,000; transcript shows appropriations/issuance language as presented) to improve meal distribution and return to on‑unit service; the presenter said the project is expected to be operational within months and that equipment costs will be incorporated into cost reporting for reimbursement where eligible. - A $150,000 bond resolution for information‑technology infrastructure and computer system upgrades to replace aging Windows 10 systems and enable a standalone operations mode for facility servers. - A $5,000,000 bond resolution authorizing high‑rise infrastructure and floor remodeling to convert the second floor into program/classroom space for nurse‑aide training, add storage and office space, and provide employee fitness facilities. All of these capital items passed unanimously.

Broadband infrastructure grant The committee authorized acceptance of a $1,022,607.86 award from Empire State Development (ESD) via the ConnectALL county partnership program to support broadband infrastructure improvements in more rural parts of Albany County. Presenter Josh Beam said the county had also set aside $3,200,000 of ARPA funds to be combined with the ESD award and that the county-wide effort is focused on southwest and more rural western corridors. Committee members asked about technologies (fiber/coax) and allocation methods; Beam said the program uses an address‑level list and that funds are applied in coordination with internet service providers and other funding streams. The acceptance was approved unanimously.

Altec/IDA transfer and Superfund site discussion The committee approved an amendment to a prior resolution to transfer the Altec steel site (parcels referred to as 2A Lincoln Avenue and 201 Spring Street/Altec site) — a designated Superfund/Brownfield parcel — from its current county/Alliance ownership structure toward conveyance to the Albany County Industrial Development Agency (IDA) for remediation and redevelopment. Presenters explained the property remains undergoing DEC remediation and that transferring to the IDA is intended to help make the site shovel‑ready. Several members raised concerns about tax‑exempt status and the need to protect town, county and school district tax interests; presenters said the county’s intent is to see the property remediated and returned to taxable status once redevelopment is complete. The committee approved the amendment unanimously.

Meeting process and other items The committee approved the previous meeting minutes and tabled agenda items 2–4 as noted on the agenda. Item 8 was withdrawn. Nearly all actions were recorded as unanimous votes in the meeting record.

Ending Committee members closed the session after completing the listed agenda actions. Several items discussed (notably the water projects and the Altec site) include next steps that the presenters said will proceed through required state reviews and public‑hearing processes.