Albany confirms effort to borrow $10M to pay salaries, expenses

ALBANY, N.Y. (WNYT) – Albany city officials have confirmed that they are seeking to borrow $10 million in order to meet payroll and other obligations. City spokeswoman Zipporah Hommel confirmed to NewsChannel 13’s Dan Levy that Albany is seeking to obtain what are known as revenue anticipation notes (RAN) to cover their financial obligations. The city has been grappling with a $55 million two-year budget deficit. An audit by the state Comptroller’s Office said that the city overestimated revenue and underestimated expenses. Everything is on the table including job cuts, service reductions and tax increases to close the deficit. Dan Levy is sitting down on Monday afternoon with Mayor Dorcey Applyrs and City Treasurer Darius Shahinfar and will bring you updates online and beginning Live at 4. The post Albany confirms effort to borrow $10M to pay salaries, expenses appeared first on WNYT.com NewsChannel 13.