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Comptroller: sales tax up 10.1% year‑over‑year but county should better manage deposits to earn higher interest
Summary
Ulster County Comptroller Gallagher reported sales tax receipts of $78,408,041 (10.1% ahead year‑over‑year) and warned that large deposits in low‑yield accounts reduce potential interest earnings; the office identified an unassigned general fund balance of $18.8 million.
Comptroller Gallagher briefed the Ways & Means Committee on county finances, reporting that sales tax collections stand at $78,408,041, roughly 10.1 percent ahead of last year at the same point. The comptroller cautioned that sales tax receipts lag actual collections by approximately two months, and that an economic downturn could quickly reduce those gains.
Gallagher highlighted interest earnings ($2.8 million year‑to‑date) and expressed concern that large sums remain in low‑yield deposit accounts — specifically noting $89.3 million in a deposit account earning about 0.7 percent interest versus $14.2 million in an account earning 3.61 percent. The comptroller said reallocations could produce materially higher interest income and that the finance commissioner planned to make changes.
On fund balance, Gallagher pointed to an unassigned general fund balance of $18.8 million and said the office has released a report on fund balance and is preparing audits on bridge maintenance, overtime, and the sheriff’s payroll. The comptroller also reported on occupancy taxes and short‑term rental collections and previewed ongoing audit work and site visits to social service providers.
Gallagher closed by noting an internal position cut in the comptroller's office in response to county fiscal pressures and offered to brief any members or stakeholders on the new fund balance report.
The comptroller's presentation was accepted and will inform budgetary decisions and follow‑up committee reviews.
