KINGSTON – Ulster County Comptroller March Gallagher’s first quarter financial report for this year has its ups and downs.
The county’s revenue collections decreased by $3 million in the first quarter of 2023 compared to the first quarter of 2022. Ulster County budgeted for an eight percent annual increase across all revenue collections for 2023 over the prior year. Both the 2023 and 2022 first quarter expenditures were 16 percent of the total annual adopted budgeted amounts; however, in the first quarter of 2023 actual spending increased $5.3 million.
Due to increased interest rates and changes to the county’s investment strategy, interest revenue earned for the first quarter of 2023 was just under $1.5 million compared to the prior year’s comparable quarter interest earnings of $52,212.
“With revenues down and expenditures up policy makers should be cautious about new spending commitments for the remainder of the year, as well as during the 2024 budget process, especially given the lack of transparency on the current fund balance given that the County has not yet closed the 2022 books,” said County Comptroller March Gallagher.
Ulster County continues to experience rebound from COVID having added 1,600 jobs for the 12 months ended March 2023. The top job generating sector continued to be Leisure & Hospitality with the addition of 800, half of all jobs, over the prior 12 months. Home sale prices from March 2019 through March 2023 increased 64 percent, while wages increased 27 percent over the prior five years.
For the first time, the comptroller’s office has included reporting on capital projects in the quarterly report. The county saw expenditures of $2.6 million and encumbrances of $9.5 million in the first quarter for the $89.8 million of capital projects in the amended budget as of May 31, 2023.
