ALBANY, N.Y. -- Albany Mayor Kathy Sheehan submits a request for the New York State Financial Restructuring Board to review the city's finances.
The Common Council approved the measure last week 13 to 1.
The request opens the city's fiscal books to the board and could result in additional state funding of up to $5 million as the city looks to close its $16 million deficit.
Since the Financial Restructuring Board is less than a year old, Sheehan is Albany's first mayor to ask for the board's help.
In a statement, Sheehan says, "Through this application, Albany is demonstrating that it is open to new ideas and to opening our books. This is about moving our City forward, and I am pleased that we are taking advantage of this process."