For More Information Contact:
Colleen Pillus, Communications Director 845-486-2000
Colleen Pillus, Communications Director
Poughkeepsie… Dutchess County Government’s 2020 year-end financial report, which highlights the County’s solid fiscal foundation in the wake of the COVID-19 pandemic, has been submitted to the New York State Office of the Comptroller. The County’s conservative fiscal management, including proactive steps to mitigate negative fiscal impacts resulting from the pandemic while providing needed support to residents throughout the crisis, resulted in closing out 2020 with healthy general fund balance of $60 million, an increase of $3.1 million over 2019.
The annual report, normally submitted on May 1st, was delayed this year as the County awaited United States Treasury guidance relating to American Rescue Plan (ARP) funding. The guidance has been received and is currently under review, however it was clarified that the Federal revenues, intended to help the County offset revenue losses due to the COVID-19 pandemic, should be booked to the 2021 fiscal year, not the 2020 fiscal year.
Dutchess County Executive Marc Molinaro said, “Despite the economic blows we took in 2020 from the COVID-19 pandemic, Dutchess County Government’s fiscal foundation remains strong and secure because we made careful, measured decisions over the past year as we worked to respond to the needs of our residents and community during unprecedented circumstances. We were able to step up and expand critical services and resources as they were needed. Now, as the threat of COVID-19 lessens as more and more residents are vaccinated, we are poised to move Dutchess County forward and help our residents recover and thrive.”
Highlights of the 2020 Annual Financial Report include:
The 2020 fiscal year ended with $60 million in general fund unassigned fund balance, an increase of $3.1 million over 2019, which is solidly within the County’s desired range of 1-2 months of operating expenses (a range of $38 million to $76 million). While the local economy is rebounding well, with unemployment currently at 5.8%, down from 14% at the height of the pandemic and an $8.3 million increase in first quarter sales tax receipts compared to last year, there are many unknowns that remain about the economic recovery. Maintaining a solid fund balance is critical to managing and adjusting to external financial impacts on the County budget and finances.
The full 2020 Annual Financial Report and accompanying fiscal update memo are available on the County’s website at 2020-2021 Fiscal Update.