Ulster expected to earn an extra $68,000 this year following comptroller’s audit

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KINGSTON – One week after Ulster County Comptroller March Gallagher released an audit identifying the need to analyze alternative investment opportunities, the county finance office has changed bank accounts doubling the county’s interest rate on a little less than half of the $165 million in the bank.

Based on the comptroller’s report, on Monday the county transferred $70 million from the deposit account to a checking plus money market account at the same bank, the Bank of Greene County.

Gallagher called that a good start.

  • “We do wish that they had talked to us more about it because there are definitely some alternative investment vehicles that are still safe, liquid and diverse that would be earning the taxpayer more money, but we are so pleased to see the administration taking prompt action, and of course, this is a liquid investment so hopefully, some of these other recommendations can also be implemented,” she said.

The former interest rate on the funds was 0.12 percent; the new rate is 0.25 percent.




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