URGENT UPDATE: New reports confirm that Ulster County closed out 2024 with a remarkable financial standing, highlighted by a surplus of $13,055,756. This information comes from a detailed report released by Comptroller March Gallagher, revealing that revenues significantly exceeded expenditures.
According to Gallagher’s announcement, the county’s annual audited financial statements show that the total fund balance in the General Fund surged to an impressive $182,266,797. This positive financial performance is attributed to increased sales tax and hotel occupancy tax revenues, underscoring the county’s robust economic activity during the year.
This financial turnaround is critical as Ulster County navigates potential future challenges. Gallagher emphasized the importance of this surplus, noting that it surpasses the county’s fund balance policy limit by $20.3 million. The growth in fund balance could provide essential flexibility for supporting community priorities and managing potential declines in federal and state revenues in the coming years.
Gallagher’s report also details allocations for housing development, with approximately $17,275,261 assigned for this purpose, including a $2 million transfer to the Housing Action Fund. The county continues to manage health insurance and workers’ compensation funds, both of which ended 2024 with noteworthy surpluses of $10.6 million and $10.5 million, respectively.
Gallagher urges further review of these growing surpluses to ensure that the rates charged and benefits offered align with actual costs. She stated, “Ulster County closed 2024 on solid financial footing. Revenues exceeded expenditures, and the County continues to maintain a positive outlook with manageable debt levels.”
The report also highlights the necessity for prudent financial planning. Gallagher suggests that the county should consider strategies to align fund balances with policy limits while preparing for future economic conditions.
As the audit was finalized on September 30, 2025, the county now stands well-equipped to address both immediate community needs and long-term financial sustainability. This robust financial performance not only strengthens Ulster County’s fiscal health but also positions it favorably to tackle potential economic headwinds in the future.
Stay tuned for more updates on Ulster County’s financial developments as officials outline their plans for utilizing this surplus effectively.
