Albany County Executive Daniel P. McCoy says for the first time in six years, Albany County will not need to request a Tax Anticipation Note (TAN) to meet its financial needs.
“In the past, we’ve had to initiate short-term borrowing to meet the County’s financial needs,” said McCoy. “However, our cash position is now strong enough that we will not have to incur the expense of borrowing a Tax Anticipation Note.”
Albany County borrowed funds every year from 2010 to 2014, declining from $15.1 million in 2010 and $9.9 million last year. McCoy credits the County’s strong cash position to his administration’s success over the past four years at dramatically improving the County’s overall finances. Those financial improvements have resulted in the County staying within the property tax cap in 2014 and keeping property taxes flat in 2015.
“I believe we were able to achieve this result, of improving our cash position because we budgeted conservatively regarding our revenues, kept spending in check and made sure there were no budget gimmicks,” stated McCoy. “We also increased efficiencies, worked strategically with partners, and focused on changing operations at the Albany County Nursing Home in addition to negotiating new union contracts throughout the County that are fair to the employees. This is all good news for our County taxpayers.”
County Executive McCoy has sent a letter to the Chairman of the Albany County Legislature saying no TAN request will be made this year and that based on current forecasts, Albany County will end the current year at approximately the same level of cash-on-hand that was available at the end of 2014.