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City officials said Albany has asked New York State leaders for $15 million to address the preceding fiscal-year deficit, but no single plan has been chosen to close the gap. Officials also discussed an approximately $12 million fund-balance transfer and a $315,000 decrease between proposed and adopted budgets.
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The committee’s budget discussion identified missing or lower-than-expected revenue as a major cause of the Fiscal Year 2025 deficit. The Administration said revenue increases, spending reductions, and other options remain under consideration, while the City seeks additional state aid. No final deficit-reduction plan was approved at this meeting.
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