URGENT UPDATE: Ulster County has concluded 2024 in a remarkably strong financial position, according to Comptroller March Gallagher. The latest report reveals that the county’s revenues significantly outpaced expenditures, highlighting a surplus of $13,055,756 in the General Fund.
Gallagher’s report, released today, confirms that independent auditors issued a clean opinion on the county’s financial statements, reinforcing the county’s robust financial health. “Ulster County closed 2024 on solid financial footing,” Gallagher stated, emphasizing the positive outlook amid manageable debt levels.
The impressive financial results stem from a notable increase in sales tax and hotel occupancy tax revenues. As a result, the total fund balance in the General Fund rose to an astounding $182,266,797 by the end of 2024. However, Gallagher noted a discrepancy, reporting $8.5 million less in the fund balance compared to previous estimates.
Key allocations from this surplus include $17,275,261 designated for housing development, which features a $2 million transfer to the Housing Action Fund in 2024. Gallagher urged the county to consider prudent strategies to align fund balances with policy limits while nurturing community priorities.
The county’s Health Insurance Fund and Workers’ Compensation Pool Fund also reported considerable surpluses, accumulating $10.5 million and $10.6 million respectively. Gallagher highlighted the need for a review to ensure that rates charged and benefits offered are effectively aligned with actual costs.
The audited financial statements were completed on September 30, 2025, following the submission of the Annual Financial Report to the state comptroller in May. Despite these successes, questions remain as Ulster County Executive Jen Metzger did not respond to inquiries regarding the report.
Looking ahead, Gallagher stressed the importance of utilizing the county’s strong financial position to address potential future revenue reductions from federal, state, and sales tax sources. The community’s financial stability hinges on proactive planning and strategic fund management.
As Ulster County enters 2025, residents and stakeholders are encouraged to stay informed about these developments and their implications for future funding and community projects. The county’s financial health offers an opportunity to support essential services while navigating the uncertainties of the economic landscape.
