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Albany committee hears midyear budget review; finance director says balanced year-end still likely
Summary
Finance Director Raina Schwartz told the Albany City standing committee the city is "cautiously optimistic" it will end the fiscal year with a balanced budget despite weak sales-tax receipts and several front-loaded expenses tied to pensions, retirements and equipment repairs.
Raina Schwartz, the city’s finance director, told the Albany City Council Standing Committee on Audit and Fiscal Sustainability that the city expects to reach a balanced FY26 budget but that getting there will be "hard fought." She emphasized that large, front-loaded costs such as pension and insurance payments and two large retirements pushed year-to-date expenditures above 50 percent while some revenue streams — notably sales tax and certain franchise fees — lag in cash receipt timing.
"We will be at a balanced budget at year end as well," Schwartz said, adding that staff will monitor results and bring forward recommendations if adjustments are needed. She described the change between the Q4 estimate and the audited comprehensive financial report as a reconciliation…
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