BREAKING: Ulster County has concluded 2024 with a strong financial position, according to a newly released report from Comptroller March Gallagher. The county’s financial performance showcases a remarkable surplus of $13,055,756, driven by increased sales tax and hotel occupancy revenues.
In a press release today, Gallagher highlighted that revenues have exceeded expenditures, reaffirmed by independent auditors issuing a clean opinion on the county’s financial statements. “Ulster County closed 2024 on solid financial footing,” Gallagher stated, emphasizing the positive outlook amid manageable debt levels.
Significantly, the total fund balance in the General Fund surged to $182,266,797, despite a reduction of $8.5 million compared to last year’s Annual Financial Report. This reduction was noted as the audited financial statements were finalized on September 30, 2025, after the Annual Financial Report was submitted to the state comptroller in May 2025.
The surplus highlights the county’s fiscal health, attributed largely to a robust increase in sales tax revenue. Gallagher stated, “This growing surplus should encourage prudent planning for the future.” The report also pointed out that the unrestricted fund balance exceeded the county’s policy limit by $20.3 million, prompting a recommendation for future adjustments to maintain fiscal responsibility.
Furthermore, Gallagher indicated that $17,275,261 from the fund balance is earmarked for housing development, including a notable transfer of $2 million to the Housing Action Fund. This allocation demonstrates the county’s commitment to addressing pressing community needs.
The county’s Health Insurance Fund and Workers’ Compensation Pool Fund also reported healthy surpluses of $10.6 million and $10.5 million, respectively. Gallagher stressed the importance of reviewing these growing surpluses to ensure that the rates charged align with actual costs, suggesting that upcoming premium rates might be influenced by these surpluses.
As Ulster County navigates its financial future, Gallagher urged officials to consider strategies that maintain fund balances within policy limits while also preparing for potential reductions in federal, state, and sales tax revenues.
This financial report comes at a crucial time as local officials and residents alike look towards sustainable growth and effective budget management. The county’s strong financial standing not only provides flexibility to support community priorities but also fortifies its resilience against economic fluctuations.
Residents and stakeholders are encouraged to stay informed as the county plans its future financial strategies in light of these positive developments.
