Ulster County Shows No Fiscal Stress Structurally Balanced Budgets Can Keep the County in Good Standing
Kingston, NY (July 12, 2021) – Ulster County Comptroller’s Office has released the latest Ulster County Fiscal Stress Test results for the year ended 2020. The New York State Office of the State Comptroller (OSC) developed the Fiscal Stress Test as a tool to assist governmental entities toward better understanding their historical and present economic status. According to OSC, “fiscal stress” is the “inability of an entity to generate enough revenues within the current fiscal period to meet its expenditures.”
Ulster County has maintained its multi-year status without a stress designation. We anticipate the County to remain in a strong financial position at the end of 2021 as a result of increased cash levels from the American Rescue Plan, along with a positive sales tax receipts predicted to exceed budgeted amounts.
Leadership should be commended for preserving the County’s financial standing; however, policymakers should ensure structurally balanced future budgets where recurring revenues support recurring expenditures. To preserve fiscal health in Ulster County non-recurring revenue streams, such as fund balance, should be minimized in future budgets.
This year’s report included the fiscal stress test scores for school districts and other municipal governments in Ulster County. Our office is pleased to report no fiscal stress among these entities.
