Despite budget approval, Schenectady faces financial uncertainty heading into 2027
Michael Reyes, a graduate of Columbia University, has spent over a decade reporting on Albany's economic landscape. His previous roles include business journalism at the Daily Gazette and freelance work for several financial publications. He specializes in uncovering the effects of local policies on small businesses and entrepreneurship.
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@keyframes spin { 0% { transform:rotate(0deg); } 100% { transform:rotate(360deg); } } Schenectady s financial outlook SCHENECTADY, N.Y. (WNYT) — Schenectady City Council has approved its 2027 budget, settling on a 14% property tax increase after weeks of negotiations. But while the budget is now in place, city leaders warn the municipality could still face financial challenges in the year ahead. Related: Schenectady City Council lowers 2027 property tax increase to 14% The approved increase is significantly lower than the roughly 43% property tax hike initially proposed as the city worked to address a projected $15 million budget deficit. Council members considered several options, including increases of 13%, 14% and 15%, before reaching a compromise. Despite the approval, questions remain about whether the city will generate enough revenue to cover its expenses. Ma