Kingston, NY (September 26, 2023) – Ulster County Comptroller March Gallagher released the 2023 Second Quarter Financial Report.
Due to the lag in the closure of the 2022 financials and unrecorded transactions for the 2023 year within the County’s financial system, the numbers released in this report are tentative and may differ materially from actual numbers. We recommend that the County take a cautious approach during the budget process for fiscal year 2024. One example of the items that impact the 2023 actual data became apparent upon review of the activity posted to the ARPA liability account. This review showed that only one entry has been made to the liability account to recognize Federal Aid revenue for 2023 totaling $13,427. The County has spent significantly more than this during 2023 and more entries are required to the accounting records to recognize revenues.
As of the date data was pulled for this report, and not including necessary unrecorded additional entries, the County’s revenue collections decreased by $9.7 million by the close of the second quarter of 2023 compared to the same period in 2022. Ulster County budgeted for a $28.4 million annual increase across all revenue collections for 2023 over the prior year. As of the close of the second quarter, the County has recognized 46% of revenues budgeted for 2023 compared to 53% recognized by midyear 2022. The Comptroller’s office is aware of significant unrecorded revenues earned during the first two quarters of 2023 that could reduce the difference between the two periods revenues.
