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Albany releases first-quarter financial report; reserves at 6.4% versus 25% target
Summary
Deputy city manager and finance director presented Albany's first-quarter financial report Nov. 5, noting one-time accounting corrections made last biennium, revenue uncertainty from tariffs and federal funding, and a citywide reserve of 6.4% (general fund ~7.3%) compared with a 25% policy target.
City staff presented Albany's first-quarter financial report to the City Council on Nov. 5, highlighting a shortfall in reserves and several ongoing operational changes.
Deputy City Manager Jen Ambuhel and Finance Director Gina Yeager said recent accounting adjustments from the prior biennium affect year-to-year appearance of revenues; staff noted those corrections were made in period 13 last biennium and should normalize across the current biennium. Yeager said the citywide reserve ratio is 6.4% and the…
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