http://www.timesunion.com/local/article/Sheehan-picks-Proctors-exec-for-budget-director-5132205.php

ALBANY — The top financial officer at Proctors Theatre in Schenectady will be the next budget director for the city of Albany.

The appointment of Ismat Alam was among four key hires announced Friday as Mayor Kathy Sheehan continues to fill out her new administration.

Alam, the former commissioner of finance and administration for the city of Schenectady, will begin within the next two weeks.

"We need to create a city government we can afford. We need to fight to find the resources we need and that we deserve in order to run the capital city of this great state," Sheehan said.

She said Alam helped upgrade the credit rating of Schenectady and eliminate its $10 million deficit.

"That experience is going to serve our residents well," she said.    

And yet, we haven't good enough credit to replace police cars? I thought that the only time we got the credit upgrade, it was due to the raising of our taxes nearly 25%. It's interesting, you read all these public statements by various politicians, and then you go back and check the record yourself, and sure enough, they are just making stuff up.

Get ready ALBANY for a good screw job! Look at Schenectady and you will see what the future looks like! Run as far away as you can from these Democratic hell hole City's!

We're not alone, Albany's also going nowhere fast. No new blood, same recycles over and over.

Quoted Text

"I feel good to be leaving as the city has been recognized for tackling many financial issues largely outside of its control," Alam said in a statement. "Proctors is the jewel of Schenectady and I look forward to being part of the team that brings Proctors to a new level of achievement."

She lasted just over one year at Proctors lol.

SCHENECTADY — The city is in a deep deficit state, Finance Commissioner Ismat Alam admitted today after city officials denied the problem for more than half a year.

Alam waited until the last minute Friday to file the annual financial report with the state. It showed the city finished 2011 with a $5 million
deficit.

The problem was not overspending the budget. Revenues came in far under expectation, Alam said.

"Everyone thinks the world is ending, but it's where we expected to be," said Mayor Gary McCarthy.

Alam declined to speak, but said she would invite the media to meet with the auditors in two weeks when they complete their review of the city’s 2011 finances.

According to the annual financial report, the city collected $5 million less than it expected.

The largest single loss was due to the sudden drop-off of revenue from American Tax Funding.

ATF used to buy the city’s tax liens (unpaid property taxes). But its offer last year was far under the city’s projected revenue and the city switched to a private tax collection company.

The city collected only $24.8 million in taxes, when it had budgeted to collect $28.2 million.

The collection company helped a little — the city collected $500,000 more than budgeted in interest and penalties on late payments.

Other revenues also came in slightly under budget, but the tax loss was the main culprit.

"When you get off these tax liens, you have a deficit," McCarthy said. "There's no other way to deal
http://www.dailygazette.com/news/2012/may/02/0502_deficit/

'CREATIVE HIGH FINANCES'

They budgeted on a guess of how much blood they had left to drain from the carcass.
Did Albany not see that report in the paper of the appalling money situation at Proctor's? How is a mess like that good on a resume?
All this cronyism is the reason for our problems, not the solution.

Quoted from Madam X

They budgeted on a guess of how much blood they had left to drain from the carcass.
Did Albany not see that report in the paper of the appalling money situation at Proctor's? How is a mess like that good on a resume?
All this cronyism is the reason for our problems, not the solution.

it's never about actually fixing the problem as much as it is about 'fixing' the problem.....

the solution is in the eye of the beholder,,,,just like art

'fixing' the problem, you are right, senders. We are operating on a different belief system than our elected ones.