Development News for Schenectady, New York

City Council Finance Committee Reviews 2026 Capital Budget, Audit Status, and Financial Projections

The City Council Finance Committee discussed the 2026 capital budget reappropriation for three garbage trucks, which was initially funded at $300,000 and later reduced due to bonding approval. The reappropriation is to cover the cost of three packers to maintain uninterrupted services, saving the city approximately $30,000. The committee also reviewed the first quarter report for fiscal year 2026 and the status of the audit, which is expected to be completed in about a week or two, with a presentation scheduled for June 22nd. The city's projected year-end unrestricted cash balance is approximately $7 million, excluding ARP funding, grant reimbursements, and interfund loans. Significant budget pressures remain in the general fund, including health insurance, workers' compensation, vehicle and fuel costs, public safety overtime, and unsettled union contracts. The city ended fiscal year 2025 with a $5.3 million general fund deficit, with anticipated settlements for local 1037 contracts adding approximately $1.6 million in costs. The general fund reported $3.4 million in assigned fund balance and $3.4 million in unassigned fund amounts for 2026. The golf, water, and sewer funds are performing within expectations. Various revenue lines were discussed, including real property taxes, cannabis excise tax, parking fines, sales of homes program, mortgage tax, and casino license fees, with potential shortfalls identified in several areas. The council also discussed the status of school zone cameras and state aid requests.