This report provides a summary of the financial performance of Ulster County during the first quarter of 2023 (January 1, 2023, through March 31, 2023).
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 8% annual increase across all revenue collections for 2023 over 2022. Both the 2023 and 2022 first quarter expenditures were 16% of the total annual adopted budgeted amounts. In the first quarter of 2023 actual spending increased $5.3 million when compared to the first quarter of 2022, from $56.0 million to $61.3 million. The increase in budgeted revenues combined with a decrease in actual revenues when compared to the same quarter of the prior year indicates that the County should cautiously monitor the ability to achieve forecasted amounts. Due to increased interest rates and changes to the County’s investment strategy, interest revenue earned for the first quarter of 2023 was $1,477,387 compared to the prior year’s comparable quarter interest earnings of $52,212.
