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Albany council hears proposed biennial budget; staff says FY2026 balanced, FY2027 projects shortfall
Summary
Finance Director Rainer Schwartz presented a proposed two‑year budget May 19 that staff described as balanced for fiscal year 2025–26 but likely to return to deficit in 2026–27 because of rising pension costs, uncertain revenues from the closed Golden Gate Fields property and ongoing labor cost pressure.
On May 19, 2025, the Albany City Council received a formal presentation of the proposed biennial budget for fiscal years 2025–26 and 2026–27. Finance Director Rainer Schwartz told the council the proposed 2025–26 budget is balanced and that the city will adopt the final budget at a public hearing scheduled for June 2. Schwartz said the city expects a small deficit in FY2026–27 unless further actions are taken.
Schwartz said the FY2025–26 proposed budget reaches a $0 bottom line through a combination of conservative revenue estimates, planned turnover savings, and holding three currently vacant positions unfunded. He highlighted continuing pressures that could push costs higher in later years: increasing CalPERS pension payments, a tight regional labor market that raises salary and benefit costs, and the closure…
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