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2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN 2021 Budget Presentation 1 ---PAGE BREAK--- Mission of City Government 2 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Thank You to Albany’s Heroes 3 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- 4 Unprecedented COVID-19 Revenue Impacts Revenues Adopted 2020 Forecast 2020 Variance Property Tax 58,550,000 $ 58,550,000 $ - $ Other PILOTS/Tax (Inc. 19A) 21,303,760 $ 20,814,180 $ (489,580) $ Sales Tax 36,546,243 $ 33,200,000 $ (3,346,243) $ State Aid 16,617,521 $ 13,342,767 $ (3,274,754) $ Capital City Funding 12,500,000 $ 9,600,000 $ (2,900,000) $ Departmental Income 16,168,505 $ 13,386,330 $ (2,782,175) $ Landfill 6,217,700 $ 6,217,700 $ - $ Appropriated Debt Reserve 1,800,000 $ 1,800,000 $ - $ All Other 11,679,819 $ 8,553,644 $ (3,126,175) $ Grand Total 181,383,548 $ 165,464,621 $ (15,918,927) $ ---PAGE BREAK--- Projected Revenue Reduction $15.9M Debt Reserve Transfer $3.5M Fund Balance Transfer $4.5M Hiring Freeze (Projected) $1.6M Spending Freeze (Projected) $3.0M Additional Anticipated Savings $3.3M Unprecedented Times, Unprecedented Action 5 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Unprecedented Times, Unprecedented Action 6 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Despite COVID-19, Our Plan Is Working 7 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- 2021 Budget Summary 8 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN GENERAL FUND REVENUES: General Fund 120,990,247 Transfer From Fund Balance - Amount To Be Raised By Realty Taxes 59,850,000 TOTAL REVENUE: 180,840,247 EXPENDITURES: 180,840,247 NET: 0 • Reduction of approximately $600,000 vs. 2020 Budget ---PAGE BREAK--- Revenues 9 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN 2021 Revenue Breakdown 2020 2021 Capital City Funding $ 12,500,000 $ 12,500,000 Property Tax $ 58,550,000 $ 59,550,000 State Aid $ 16,617,521 $ 15,926,863 19A $ 15,000,000 $ 15,000,000 Other PILOTS/Tax $ 6,303,760 $ 6,517,273 Sales Tax $ 36,546,243 $ 35,582,773 Landfill $ 6,217,700 $ 6,127,500 Departmental Income $ 16,168,505 $ 16,958,500 Appropriated Debt Reserve $ 1,800,000 $ 450,000 All Other $ 11,679,819 $ 12,227,338 Total $ 181,383,548 $ 180,840,247 ---PAGE BREAK--- Expenses 10 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN 2021 Expenditure Breakdown 2020 2021 Salaries $ 78,447,209 $ 80,044,296 Retirement $ 14,658,313 $ 15,644,456 FICA $ 6,045,285 $ 6,220,157 Health Ins. & Other Employee Benefits $ 16,539,681 $ 17,036,035 Retiree Health Insurance & Medicare $ 10,498,977 $ 10,421,106 Workers Compensation $ 4,396,038 $ 4,412,000 Operating Expenses $ 27,164,445 $ 27,343,254 Debt Service $ 23,633,600 $ 17,967,628 Interfund Transfers $ - $ 1,751,315 Total $ 181,383,548 $ 180,840,247 ---PAGE BREAK--- Reaffirming our Commitment to Equity 11 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Reaffirming our Commitment to Equity 12 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Continued Investments in Public Safety 13 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Continued Commitment to Fiscal Responsibility 14 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Property Tax Levy 15 Property Type 2020 City Tax Est. 2021 City Tax Difference + / - % Homestead Property (valued at $150,000) $1,621.27 $1,650.50 $29.23 1.80% Non-Homestead Property (valued at $500,000) $7,111.27 $7106.39 ($5.00) -0.07% • Increased Property Tax Levy within Tax Cap 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Holding the Line on Property Taxes 16 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- Savings $ Fund Balance Transfer (Available) $9.9M Spending Freeze $2.0M Hiring Freeze $3.7M TOTAL $15.6M 10% Furloughs of Non-Union White Collar $1.7M Backup Plan for the Backup Plan 17 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- What this Budget Means for our Residents & Businesses 18 • Fully Funding Public Safety • Fully Funding Parks & Recreation Programming • Fully Funding Departments that Assist Small Businesses • Garbage will be picked up, snow will be plowed • Executing a Robust Blight Reduction Plan • Investing in infrastructure and amenities that will allow us to continue to build a City where every neighborhood works 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN ---PAGE BREAK--- THANK YOU 19 2021 BUDGET PRESENTATION MAYOR KATHY SHEEHAN