Ulster County concluded the year 2024 with a robust financial performance, as detailed in a report released by Comptroller March Gallagher. The findings indicate that revenues surpassed expenditures, resulting in a favorable surplus for the county. Gallagher’s report, based on the annual audited financial statements, highlights key aspects of the county’s financial health.
According to Gallagher, the independent auditors issued a clean opinion on the county’s financial documents, marking a significant achievement. The report stated, “Ulster County ended 2024 in a strong financial position, with revenues exceeding expenditures.” This positive outcome can be largely attributed to increased revenue from sales tax and hotel occupancy tax.
At the close of 2024, Ulster County reported a surplus of $13,055,756 in the General Fund. This brought the total fund balance in that fund to $182,266,797. However, Gallagher noted that the fund balance was $8.5 million lower than previously reported in the county’s Annual Financial Report submitted in May 2025. The final audit of the financial statements was completed on September 30, 2025.
Financial Assignments and Surpluses
Gallagher’s report specified that the county assigned $17,275,261 to support housing development initiatives. This includes a notable $2 million transfer to the Housing Action Fund during 2024. In addition, the unrestricted fund balance exceeded the county’s own fund balance policy by $20.3 million, signaling a need for careful financial management moving forward.
The county also maintains a Health Insurance Fund and a Worker’s Compensation Pool Fund, both of which serve county employees and those from other governmental units. By the end of 2024, the Worker’s Compensation Pool had accumulated a surplus of $10.5 million, while the Health Insurance Fund reported a surplus of $10.6 million.
Gallagher emphasized the importance of reviewing these growing surpluses, stating, “These growing surpluses suggest the need for review to ensure that rates charged, and benefits offered are appropriately aligned with actual costs.”
Outlook for the Future
In her assessment, Gallagher remarked, “Ulster County closed 2024 on solid financial footing. Revenues exceeded expenditures, and the county continues to maintain a positive outlook with manageable debt levels.” She urged the county to explore prudent approaches to align fund balances with policy limits while planning for the future.
Looking ahead, Gallagher suggested that the county should consider the growing surpluses in the Health Insurance and Worker’s Compensation Funds when determining premium equivalent rates for the coming year. She concluded that the county’s strong financial position provides the flexibility to support community priorities, particularly in light of potential reductions in federal, state, and sales tax revenues in the years to come.
This report underscores the importance of financial transparency and planning as Ulster County navigates future challenges while maintaining its financial integrity.
