Ulster County concluded the fiscal year 2024 in a robust financial position, as indicated by a report from Comptroller March Gallagher. The county’s financial performance, detailed in the annual audited financial statements, reveals a surplus with revenues exceeding expenditures. Gallagher noted that independent auditors issued a clean opinion on the county’s financial records.
According to Gallagher’s findings, the audited financial statements show a surplus of $13,055,756 in the General Fund for 2024. This positive outcome was partly driven by increases in sales tax and hotel occupancy tax revenue. The total fund balance in the General Fund at the end of 2024 reached $182,266,797. Notably, the unrestricted fund balance surpassed the county’s policy limit by $20.3 million.
Despite these encouraging figures, Gallagher highlighted a discrepancy, noting that there was $8.5 million less in the fund balance than reported in the county’s Annual Financial Report (AFR). The AFR was submitted to the state comptroller in May 2025, whereas the audit of the financial statements was completed on September 30, 2025.
Key Financial Allocations and Future Considerations
The report outlines significant allocations from the General Fund, including $17,275,261 assigned for housing development, which features a $2 million transfer to the Housing Action Fund. Gallagher emphasized the importance of prudent financial management moving forward, suggesting that the county consider strategies to align fund balances with policy limits while planning for future expenses.
The county also maintains a Health Insurance Fund and a Workers’ Compensation Pool Fund, which cover county employees and other government workers. At the close of 2024, the Workers’ Compensation Pool recorded a surplus of $10.5 million, while the Health Insurance Fund had a surplus of $10.6 million. Gallagher pointed out that these growing surpluses raise the need for a review to ensure that the rates charged and benefits provided are in line with actual costs.
Outlook and Strategic Recommendations
In her statement, Gallagher affirmed that Ulster County ended 2024 on solid financial footing, noting, “Revenues exceeded expenditures and the county continues to maintain a positive outlook with manageable debt levels.” She urged the county to explore prudent measures to bring fund balances within policy limits while considering community needs.
As the county looks ahead, Gallagher suggested that the surpluses in the Health Insurance and Workers’ Compensation Funds should be factored into setting premium equivalent rates for the upcoming year. The strong financial position of Ulster County provides an opportunity to support community priorities while preparing for potential reductions in federal, state, and sales tax revenues in the future.
