Financial Restructuring Board

In 2014, Mayor Kathy Sheehan formally submitted the City of Albany's application for review by the New York State Financial Restructuring Board (FRB) for local governments after receiving backing from the Common Council and City officials. Sheehan is opening the City's fiscal books to the FRB in a request that could result in additional State funding of up to $5 million. Mayor Sheehan cited Albany's unique financial situation as the Capital of New York in the application as the City seeks to close a $16 million structural deficit. 

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