BREAKING: Ulster County has just announced a remarkable financial surplus for 2024, solidifying its economic stability amid challenging fiscal climates. According to a report released by Comptroller March Gallagher, the county ended the year with revenues exceeding expenditures by a stunning $13,055,756.
The financial report highlights a strong performance in the county’s General Fund, with total fund balance soaring to $182,266,797 at the close of 2024. This positive outcome is attributed to a notable increase in both sales tax and hotel occupancy tax revenues, demonstrating the county’s resilient economic activity.
In a detailed news release, Gallagher noted that independent auditors issued a clean opinion on the county’s financial statements, further reinforcing the county’s strong fiscal health. “Ulster County closed 2024 on solid financial footing,” Gallagher stated. “Revenues exceeded expenditures, and the County continues to maintain a positive outlook with manageable debt levels.”
However, the report also revealed a decrease of $8.5 million in the fund balance compared to the county’s Annual Financial Report (AFR). The AFR was submitted to the state comptroller in May 2025, while the audit of financial statements was completed on September 30, 2025.
Gallagher emphasized the importance of reviewing the county’s growing surpluses, particularly in the Health Insurance Fund and Workers’ Compensation Pool Fund, which reported surpluses of $10.5 million and $10.6 million, respectively. “These growing surpluses suggest the need for review to ensure that rates charged, and benefits offered are appropriately aligned with actual costs,” the release stated.
The county has also set aside $17,275,261 for housing development initiatives, including a transfer of $2 million to the Housing Action Fund, reflecting a commitment to addressing community needs. Gallagher advised that the county should consider prudent strategies to align fund balances with policy limits while planning for future economic challenges.
As Ulster County navigates potential reductions in federal and state revenues, Gallagher’s insights reveal a proactive approach to fiscal management. The county’s strong financial position not only enhances its ability to support community priorities but also provides flexibility as it faces future uncertainties.
What’s next? Community leaders and residents should anticipate ongoing discussions regarding budget planning and community investment strategies as Ulster County prepares for the financial landscape ahead. With these developments unfolding, the emphasis on maintaining fiscal responsibility will be critical in sustaining the county’s economic resilience.
This urgent financial update is expected to impact local business confidence and community planning efforts in the months to come. Stay tuned for further developments as Ulster County charts its course forward in 2025 and beyond.
