News Release

 

 

For More Information:

William R. Steinhaus
Dutchess County Executive
(845) 486-2000
countyexec@co.dutchess.ny.us

May 4, 2001

 

County Executive Announces Year End 2000 Financial Condition

Poughkeepsie. . . Dutchess County Executive William R. Steinhaus announced Dutchess County’s 2000 year-end financial report has been forwarded to the Dutchess County Legislature by Finance Commissioner Rita Brannen. "Dutchess County government is providing its full range of services and programs with a property tax levy lower in 2001 than it was in 1989, and with fewer county employees than a decade ago," said County Executive William R. Steinhaus. The Executive noted, "Over these past nine years of the Steinhaus administration, we have successfully reformed the county government, consolidated departments and realigned and restructured operations. Conservative fiscal policies and practices coupled with effective management and a dedicated workforce enable Dutchess County to maintain its strong financial position."

Year 2000 total revenues equaled $271.4 million, expenditures $269.4 million or 98.2 percent of budgeted appropriations. The county’s General Fund, in which the finances for the majority of county services and facilities are recorded, ended the year with revenues of $243.9 million and expenditures of $243.7 million, which resulted in an operating surplus of approximately $200,000. Sales tax income remained strong once again in 2000 at $83.9 million, an 8.4 percent increase over 1999.* State support and reimbursements increased $2 million over 1999, whereas federal support decreased by $1.3 million. The chart below summarizes the various categories of county spending in 2000:

 

 

Steinhaus pointed out, "The combination of enhanced revenues and responsible expenditure control produced an unappropriated General Fund balance of $24.3 million. This amount is 8.5 percent of our total 2001 appropriations and is within the 5-10 percent range recommended by the financial community. Dutchess County ended its fiscal year at a very favorable 23.6 percent of its Constitutional Tax Limit and only 8.8 percent of its Constitutional Debt Limit. This is another measurement of the sound, disciplined fiscal decisions we have made over the past years."

The County Executive observed, "The financial strength of Dutchess County is reflected in the enviable Aa1 bond rating from Moody’s Investor Services. Improved liquidity, enhanced property tax collections, fund balance maintained at the recommended level, realistic expenditure control, efficient utilization of the county staff (which has been reduced by more than 149 positions since 1992) and prudent budgeting all have a positive impact on that rating. Also impacting the rating is the strength of the local economy as reflected by the creation of more than 3,600 new jobs in 2000 via the county’s comprehensive, coordinated economic development efforts." Dutchess County has recently been recognized for leading New York State in job growth. (See attached listing for additional economic development references.)

Commented Steinhaus, "The 2000 Financial Report is reflective not only of the financial soundness of Dutchess County Government, but of the larger regional economy which the strategies, policies and actions of this government help shape. However, we must remain mindful of the realities of our national economy and anticipate and provide for the possibility of a softening in our regional economy. Prudence dictates we remain focused on our core mission and stay the course we’ve charted."

*Sales tax receipts are subject to retroactive adjustment by the State of New York based upon audit and filing of amended returns.

 

The Annual Financial Report is required by law to be forwarded to the State Comptroller, the County Comptroller and the Dutchess County Legislature. It includes the operating results and balance sheets of all funds and account groups. The statements included in the report are reviewed in the annual comprehensive audit of county finances conducted by an independent accounting firm whose report will be issued later this year.

-end-

2001 Press Releases