UPDATE: Ulster County has officially concluded 2024 with a remarkable financial surplus, according to a new report from Comptroller March Gallagher. Just released details indicate that revenues surpassed expenditures by an impressive $13,055,756, marking a robust financial standing for the county.
In a statement, Gallagher emphasized that independent auditors issued a clean opinion on the county’s financial statements. “Ulster County closed 2024 on solid financial footing,” she noted, highlighting that the county’s total fund balance in the General Fund grew to $182,266,797.
This surge in financial health is attributed primarily to increased sales tax and hotel occupancy tax revenues throughout the year, as Gallagher pointed out. However, the report also revealed a discrepancy with $8.5 million less in the General Fund’s balance than earlier projections in the Annual Financial Report submitted to the state comptroller.
Despite this, Gallagher urged county officials to consider prudent strategies for managing the fund balances, which currently exceed policy limits by $20.3 million. “The County should consider prudent ways to bring fund balances within policy limits while planning for the future,” she stressed.
Additionally, the report disclosed that the county has made significant allocations for housing development, including a $2 million transfer to the Housing Action Fund and an assignment of $15,275,261 in the General Fund for future projects.
At the close of 2024, the county’s Health Insurance Fund and Worker’s Compensation Pool Fund also reported notable surpluses of $10.6 million and $10.5 million, respectively. Gallagher highlighted the importance of reviewing these growing surpluses to ensure alignment between rates charged and actual costs.
“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 stated.
This financial update is particularly relevant as Ulster County navigates future fiscal challenges. The positive outlook from county officials signals a commitment to maintaining manageable debt levels while potentially enhancing community services.
As the county looks ahead, observers will be eager to see how these financial gains are utilized to address community needs and whether the county can sustain this momentum into 2025 and beyond.
Stay tuned for more updates as Ulster County officials continue to assess their financial strategies in light of these new developments.
