KINGSTON – The third-quarter financial report for Ulster County government released Monday by County Comptroller March Gallagher predicts that the county will end 2023 on a solid financial note.
She said total revenues for the quarter declined by $4.8 million compared to the same period last year; however, that could be a result of management turnover in the finance department.
There is some positive news in the three-month analysis, said Gallagher.
“Our interest revenues almost tripled for the same last year. That is a the result of two things – one, increased interest rates generally available to counties and municipalities, and secondly, the county responded to our investment audit from the prior year and actually moved funds into higher yield accounts and that is definitely offsetting over $4 million in revenues for taxpayers,” she said.
Gallagher said financial records show total revenues down by $4.8 million compared to the same period last year, but that is partially explained by the county’s lag in recording entries to financial records as a result management turnover in the finance department.
The good news is that room tax is up by 8.7 percent and sales tax revenue is up in the third quarter by 2.7 percent.
