Ulster County concluded the fiscal year 2024 with a robust financial performance, according to a report released by Comptroller March Gallagher. The findings indicate that the county’s revenues surpassed its expenditures, resulting in a favorable financial standing. Gallagher’s report, which is based on the annual audited financial statements, was communicated through a press release detailing the county’s financial health.
The report highlights a significant surplus in the General Fund, with revenues exceeding expenditures by $13,055,756. This surplus is attributed primarily to increases in sales tax and hotel occupancy tax revenues during the year. As a result, the total fund balance in the General Fund rose to $182,266,797 by the end of 2024.
Major Financial Highlights for 2024
Although the General Fund balance reported an increase, Gallagher noted a discrepancy of $8.5 million less than what was indicated in the County’s Annual Financial Report (AFR). The AFR was submitted to the state comptroller in May 2025, while the finalized audit was completed on September 30, 2025. This timeline is crucial as it reflects the county’s ongoing commitment to transparency and financial integrity.
Additionally, the report outlines that the unrestricted fund balance surpassed the county’s policy limit by $20.3 million. Gallagher mentioned that the county has earmarked $17,275,261 for housing development initiatives. This includes a $2 million transfer to the Housing Action Fund, demonstrating the county’s proactive approach to addressing housing needs.
At the close of 2024, the county’s Health Insurance Fund, which covers county employees, reported a surplus of $10.6 million. Similarly, the Workers’ Compensation Pool Fund, which serves county employees and other governmental units, had an accumulated surplus of $10.5 million. Gallagher emphasized that these surpluses warrant a review to align premium rates and benefits with actual costs.
Outlook and Recommendations
“Ulster County closed 2024 on solid financial footing,” Gallagher stated. She noted that the county maintains a positive outlook with manageable debt levels. The report underscores the importance of considering prudent strategies to bring fund balances within policy limits while planning for future financial stability.
Gallagher further advised that the county should factor in the growing surpluses in both the Health Insurance and Workers’ Compensation Funds when determining premium equivalent rates for the upcoming year. “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,” she added.
Despite these positive findings, Ulster County Executive Jen Metzger did not provide a response regarding the report when contacted. The implications of Gallagher’s findings could influence future budgetary decisions and community programs, ensuring that the county can continue to meet the needs of its residents effectively.
