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Finance director: midyear budget on track but sales tax soft, FY27 labor costs a key risk
Summary
Finance Director Rainer Schwartz told the council midyear FY25–26 results show expenses near 50% and revenues at about 46% of budget; property tax is slightly ahead but sales tax is projected roughly 5% below budget, and staff said no midyear adjustments are requested though a May review may return with changes.
Finance Director Rainer Schwartz presented Albany's midyear budget review to the City Council on Feb. 17, reporting that expenses were at about 50% of the fiscal-year budget while revenues were near 46%.
Schwartz said a recent audit prompted one-time accounting cleanups that produced a notable swing in reported numbers but that those adjustments are not expected to continue: “We ended up realigning both cash and equity,” he said, describing a system cleanup tied to…
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