UPDATE: Ulster County has concluded 2024 with a robust financial surplus of $13,055,756, according to a newly released report from Comptroller March Gallagher. This financial boost is a significant indicator of the county’s economic health, as revenues have exceeded expenditures, marking a strong finish for the year.
In her detailed statement, Gallagher outlined that the county’s financial performance, as reflected in the annual audited financial statements, indicates a solid standing. “Ulster County ended 2024 in a strong financial position,” Gallagher emphasized, noting that independent auditors issued a clean opinion on the county’s finances.
The report reveals that the county’s General Fund grew to a total balance of $182,266,797 by the end of the year. However, it also shows a decrease of $8.5 million in the fund balance compared to the county’s earlier Annual Financial Report submitted in May 2025. The audit of the financial statements was finalized on September 30, 2025, highlighting a discrepancy that needs addressing.
Gallagher attributes the 2024 surplus primarily to an increase in sales tax revenue and hotel occupancy tax revenue. This notable financial performance not only places the county on solid ground but also exceeds the county’s fund balance policy limit by $20.3 million.
In a strategic move, the county has assigned $17,275,261 for housing development initiatives, including a $2 million transfer to the Housing Action Fund. This allocation reflects a commitment to addressing local housing needs, showing the direct impact of sound financial management on community welfare.
Furthermore, the county’s Health Insurance Fund and Worker’s Compensation Pool Fund reported accumulated surpluses of $10.6 million and $10.5 million, respectively. Gallagher warns that these growing surpluses necessitate a review to align rates charged and benefits offered with actual costs.
“Ulster County closed 2024 on solid financial footing,” Gallagher stated, reiterating the importance of maintaining a positive outlook amid manageable debt levels. She urged the county to explore prudent methods to bring fund balances within policy limits while preparing for future challenges, particularly potential reductions in federal, state, and sales tax revenues.
As the county moves forward, the implications of this financial report are significant. Residents and stakeholders alike will be watching closely how the county leverages its strong position to support community priorities in the coming years.
What’s next? The county’s leadership is expected to take steps to address the fund balance discrepancies and consider adjustments to premium rates based on the surpluses identified. This financial stability may offer Ulster County the flexibility needed to navigate potential economic challenges ahead.
Stay tuned for further updates as the county implements its financial strategies and community initiatives.
