UPDATE: Ulster County has just confirmed a robust financial standing for 2024, reporting a remarkable surplus of $13,055,756 in the General Fund. Comptroller March Gallagher released the annual audited financial statements, revealing that revenues significantly exceeded expenditures, marking a year of strong economic performance for the county.
The audit, completed on September 30, 2025, indicates that Ulster County’s total fund balance in the General Fund reached $182,266,797 by the end of 2024. This growth was fueled by increased sales tax and hotel occupancy tax revenues, which bolstered the county’s financial health amid ongoing economic challenges.
In her statement, Gallagher emphasized the importance of this surplus, noting, “Ulster County closed 2024 on solid financial footing. Revenues exceeded expenditures, and the County continues to maintain a positive outlook with manageable debt levels.” However, she also pointed out that the unrestricted fund balance exceeded policy limits by $20.3 million, urging a review of fund management strategies.
Gallagher reported a decrease of $8.5 million in the General Fund compared to previous estimates, a discrepancy attributed to the timing of financial reporting. The county had submitted the Annual Financial Report to the state comptroller in May 2025, prior to the completion of the audit.
With a focus on community needs, Ulster County has assigned $17,275,261 for housing development initiatives, including a $2 million transfer to the Housing Action Fund. This allocation highlights the county’s commitment to addressing housing issues, which remain a pressing concern for residents.
The audited financials also reveal healthy surpluses in the county’s Health Insurance Fund and Worker’s Compensation Pool Fund, with each holding surpluses of $10.6 million and $10.5 million, respectively. Gallagher advised that these growing surpluses necessitate a review to ensure that premium rates and benefits align with actual costs.
Looking ahead, Gallagher urged the county to consider prudent financial strategies to bring fund balances in line with policy limits, while also planning for future economic uncertainties. “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.
As Ulster County wraps up 2024, the implications of this financial report resonate for residents and officials alike, signifying a pivotal moment for future investments and community support initiatives. The county’s positive financial outlook is a beacon of hope, promising sustained growth and stability in the coming years.
Stay tuned for more updates as Ulster County navigates its financial future, prioritizing the needs of its residents in a changing economic landscape.
