Ulster County concluded the year 2024 with a robust financial standing, as detailed in a report from Comptroller March Gallagher. The county’s financial performance, outlined in the annual audited financial statements, indicates that revenues surpassed expenditures significantly. Gallagher noted, “Ulster County ended 2024 in a strong financial position, with revenues exceeding expenditures and independent auditors issuing a clean opinion on the County’s financial statements.”
The report disclosed that while the county’s General Fund balance was reported as $8.5 million less than previously stated in the Annual Financial Report, the audited financial statements revealed a surplus of $13,055,756 for the year. This surplus is attributed to an increase in both sales tax and hotel occupancy tax revenues.
At the close of 2024, the total fund balance in the General Fund rose to $182,266,797. Notably, the unrestricted fund balance exceeded the county’s policy limit by $20.3 million. The county allocated $17,275,261 for housing development initiatives, which included a $2 million transfer to the Housing Action Fund.
Surpluses and Future Financial Strategy
Ulster County also manages a Health Insurance Fund and a Workers’ Compensation Pool Fund for its employees. By the end of 2024, the Workers’ Compensation Pool had accumulated a surplus of $10.5 million, while the Health Insurance Fund reported a surplus of $10.6 million. Gallagher emphasized that these growing surpluses warrant a review to ensure that rates and benefits remain aligned with actual costs.
In her statement, Gallagher reflected on the county’s financial achievements, saying, “Ulster County closed 2024 on solid financial footing. Revenues exceeded expenditures, and the County continues to maintain a positive outlook with manageable debt levels.” She urged the county to consider prudent methods to bring fund balances within policy limits while also planning for future financial needs.
Gallagher further suggested that the surpluses in the Health Insurance and Workers’ Compensation Funds should influence the setting of premium equivalent rates for the upcoming year. “Our strong financial position should give us the flexibility to support community priorities while weathering potential reductions in federal, state, and sales tax revenues in the years ahead,” Gallagher added.
Despite inquiries regarding the report, Ulster County Executive Jen Metzger did not respond. Nevertheless, the findings present a clear picture of the county’s financial health, demonstrating effective management and planning strategies that could serve as a model for other regions.
