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County official reports EFT vendor payments, strong fund balance and rising dispensary revenue
Summary
A county presenter updated the Albany County Legislature on a transition to electronic vendor payments, fund-balance levels and recent revenue from cannabis dispensaries; legislators asked about system interoperability and borrowing plans.
A county presenter briefed the Albany County Legislature on May 12 about several finance and administration topics, including a push to convert vendors to electronic funds transfer (EFT), recent revenue growth tied to cannabis dispensaries and the county’s fund-balance position.
The presenter said that prior to February the county’s vendor payments had been made exclusively by paper check; since then, the county began converting vendors to EFT and had converted about 1,200 vendors. In 2024 the presenter said the county processed about 51,000 paper claims and that the conversion to EFT would create recurring efficiencies and a reduced risk of fraud.
The presenter reported private-pay revenue…
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