KINGSTON – Ulster County earned an additional $4.2 million as a result of reallocation of investment since the county comptroller’s 2022 investment policy compliance audit, but the audit update just released by the comptroller found that an additional $2.4 million could have been earned over the period through a more strategic investment approach.
“We should be maximizing opportunities to earn additional funds that can be used to support the ongoing work providing basic services to our residents and managing the impact of taxpayers,” said Comptroller March Gallagher. “We still have not taken the steps needed to revise our investment portfolio to bring it in line with the county’s investment policy.”
County Executive Jen Metzger, meanwhile, responded to Gallagher saying the amended investment policy was adopted in May, “only four months before the end of the audit period” and that the full advisory board has not been constituted. “It seems premature to assess compliance with the amended policy only four months after its adoption and before the Investment Advisory Board has been appointed.”
Metzger also said return on investments in higher-yield accounts “is of secondary importance to the portfolio’s safety and liquidity objectives.”
She also said the county’s investments “are more diversified that the draft audit suggests.”
