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2014 Fiscal Profile City of Albany

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2014 Fiscal Profile City of Albany OFFICE OF THE NEW YORK STATE COMPTROLLER Thomas P. DiNapoli • State Comptroller 2014 FISCAL PROFILE CITY OF ALBANY Overview The City of Albany, the New York State capital, is • The City of Albany is the seat of located approximately 140 miles north of New York New York State government, as City on the west bank of the Hudson River. Settled well as being a regional medical by Europeans in 1624, Albany was first chartered center and the location of several as a city in 1686 and became the permanent State universities and colleges. capital in 1797.1 • Due in large measure to State- Today, Albany is the sixth–largest city in the State, owned properties, nearly 60 percent with a population of 97,856. It sits at the crossroads of the City’s full value is tax exempt, of two major interstate highways in close proximity the sixth-highest proportion among to rail service and an international airport facility. It New York cities. is also home to the Port of Albany on the Hudson River, which handled 7.5 million tons of cargo in • Between 1950 and 2000, Albany’s 2012, making it the 60th-busiest port in the nation.2 population fell by 29 percent, from In addition to its position as the center of State nearly 135,000 to 95,658. Between government, the City has three hospitals and several 2000 and 2010, the population college and university campuses that provide a grew by 2.3 percent. stable employment base. However, higher-than- average poverty rates in the City drive demand • Albany’s 2013 unemployment rate for social services, while the large proportion of of 7.2 percent is slightly lower than tax-exempt property reduces the tax base used to the statewide rate of 7.7 percent. support them. • Albany’s child poverty rate is 34.2 In order to spur more economic activity, the City percent—higher than both the has been pursuing the development of a $65 million convention facility project through the Albany median for all cities (28.4 percent) Convention Center Authority. Work has already and the statewide rate (21.0 percent). started on preparing the property and building an associated hotel.3 • The closure of the City’s landfill, expected in six or seven years, will result in a drop in general fund revenues and significant post- closure costs. DIVISION OF LOCAL GOVERNMENT AND SCHOOL ACCOUNTABILITY Population and Economic Factors The City’s population increased from 94,151 to nearly 135,000 during the City of Albany,Ci tNewy of A Yorklban y(, Albanyin Alban Countyy Coun t)y first half of the twentieth century before S a r a t o g a falling back to 95,658 by 2000. Between Schenectady S a r a t o g a S c h e n e c t a d y Cohoes 2000 and 2010, the population grew by Troy 2.3 percent, to 97,856. Watervliet rr In 2013, Albany’s unemployment ee Rensselaer aa ee ll rate was 7.2 percent, compared to a i i City of Albany r ee r A ll b a n y ss aa ss statewide rate of 7.7 percent. hh nn oo ee hh Albany is wealthier than most other cc RR SS New York cities when measured by household income. Albany’s median m b ii a C o ll u household income in 2012 was $40,145, G r e e n e higher than the median for all cities Albany of $38,913, although lower than the Other Cities 4 $57,683 statewide median. However, Towns the City also has relatively high levels of poverty. Approximately one in three Villages children in Albany lived in poverty in Counties 2012 (34.2 percent), compared to a city median of 28.4 percent and a statewide rate of 21.0 percent. Population of the City of Albany, 1900 to 2010 180,000 134,995 150,000 120,000 97,856 90,000 60,000 30,000 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 Source: United State Census Bureau. 2 2014 FISCAL PROFILE Division of Local Government and School Accountability Tax Base The City’s home ownership rate is 40.3 percent compared to 49.9 percent for the median city and 54.5 percent for the State as a whole. While the home ownership rate is low compared to that of the median city, the vacancy rate is high. Approximately 1 in 6 properties is vacant (16.5 percent) compared to roughly 1 in 10 for all cities and for the State as a whole (10.5 percent city median and 10.8 percent statewide). Albany’s $180,100 median home value is higher than the city median of $102,300, but substantially lower than the statewide median value of $295,300.5 From 2003 to 2008, the taxable full value of properties for downstate cities Cumulative Change in Taxable Full Value, 2003-2013 rose by 73 percent. In comparison, 80% 73% upstate cities in aggregate did not 70% Downstate Cities experience a sharp rise or fall; instead 60% City of Albany 63% 50% Upstate Cities their taxable full value increased more 40% slowly and then leveled off in the wake 40% 33% 30% 37% of the recession. Albany’s full value 20% 28% trend resembles that of the downstate 10% cities: from 2003 to 2008, it increased 0% by 63 percent, before beginning a 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Office of the State Comptroller (OSC) calculations using New York State decline that lasted through 2013. Department of Taxation and Finance data. Albany’s property tax base, measured as taxable full value per capita, was $45,919 Taxable Full Value per Capita for New York Cities, 2003 to 2013 Taxable Full Value per Capita for New York Cities, in 2013. The City ranked (Quartiles Marked with Horizontal Lines) 2003 to 2013 (Quartiles Marked with Horizontal Lines) 21st out of the 58 New York ) e l City of Albany cities with data (excluding a c $500,000 Other Cities S c New York City). Over the i m h t past decade, Albany has i r a $200,000 g consistently fallen within a o L ( range from the 50th to the a $100,000 t i p 75th percentile among cities a C r $50,000 on this measure. However, e p (Logarithmic Scale) e u since the recession of l Full Value per Capita a V $20,000 l 2007-09, Albany’s tax base l u has been falling not only F $10,000 in absolute terms, but also 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source:Sourc OSCes: OcalculationsSC calcula usingtions datausin gfrom da tthea fr Newom t hYorke N eDepartmentw York Sta ofte Taxation Departm anden tFinance of Taxa andtion relative to other cities. the U.S. Census Bureau. The highest orange dot represents the City of Rye, which has the highest propertyand F intaxan basece a nbyd farthe of U any.S. Ccityen insu thes B State.ureau. The highest orange dot represents the City of Rye, which has the highest property tax base by far of any city in the State. Thomas P. DiNapoli • New York State Comptroller 2014 FISCAL PROFILE 3 The City tax levy of $55.1 Real RPropertyeal Pro Taxper tCityy T aLevyx Ci tRatey Le byvy TaxableRate b yFull Ta xValueable perFul lCapita, Value 2013 million for 2013 works out to (Each pdoter represents Capita, 2a 0city;13 the line shows the expected value.) an implicit rate of $12.27 per (Each dot represents a city; the line shows the expected value.) $1,000 of taxable full value, e u l higher than the median of a V $20 l l u $11.12 for all cities. F Albany 0 0 0 $15 Other Cities , In 2013, Albany had 1 $ r exhausted 38 percent of e p $10 y its Constitutional Tax Limit v e L (CTL), less than the median x a $5 $1,000 Full Value City Levy Tax per T 6 y city (45 percent). t i C $0 $0K $20K $40K $60K $80K $100K $120K $140K Taxable Full Value per Capita Taxable Full Value per Capita Source: OSC calculations using data from the New York Department of Taxation and Finance and the U.S.S Censusource: Bureau.OSC c Thealcu Levylatio ratens uiss anin gimplied data ratefrom obtained the N ebyw dividing York S theta ttaxe D levyep aforrt -city purposesme byn tthe of taxableTaxat ifullon valueand Fdividedinanc bye a1,000.nd th Thee U expected.S. Cen valuesus B isu basedreau .on T ah logarithmice levy (exponential)rate i smodel. an implied rate obtained by dividing the tax levy for city purposes by the taxable full value divided by 1,000. The expected value is based on a logarithmic (exponential) model. One city, an outlier with a very large tax base, was removed from the model. City of Albany’s Fiscal Stress Monitoring System Designation OSC’s Fiscal Stress Monitoring System (FSMS) uses a number of financial stress indicators, as well as demographic and economic metrics known as “environmental stress indicators,” to create scores for every municipality and school district in the State. For fiscal year 2012, Albany had a 35.4 percent Fiscal Score and a 24.6 percent Environmental Score. Albany’s scores are below the respective thresholds for the lowest levels of fiscal stress (45 percent) and environmental stress (30 percent).
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