POUGHKEEPSIE, NY – Dutchess County Executive Sue Serino and Legislature Chairman Will Truitt have announced that Dutchess County’s 2024 year-end audited financial report has been completed and submitted to the Federal Audit Clearinghouse (FAC) as required. The independent audit affirms the County’s strong financial standing, accurate reporting, and responsible fiscal management.
Dutchess County’s 2024 general fund revenues totaled $592.8 million, with expenses totaling $561.2 million. This $31.6 million surplus was primarily generated by the one-time draw down of Federal American Rescue Plan funding and higher than expected State Aid related to mandated spending. Ending the year with a surplus reduces pressure on local taxpayers and strengthens the County’s overall financial position.
The County’s unassigned fund balance stands at $104 million, which includes the Community Benefit Fund. This fund balance total aligns with the County’s long-standing policy of maintaining between one and two months of operating expenses. This disciplined practice of maintaining a healthy fund balance provides stability during uncertain times, helps secure lower borrowing costs, and allows the County to continue investing in critical community priorities without increasing debt.
Last year, with support from the County Legislature, County Executive Serino established the Community Benefit Fund, setting aside $15 million to fund critical projects with lasting impact over the next few budget cycles. To date, more than $3.6 million has already been committed from this set-aside funding for supplemental Emergency Medical Services (EMS), Senior Center grants, public safety, Youth Drop-in Centers and other community priorities.
The County’s Annual Financial Statements are audited by independent certified public accounting firm Drescher & Malecki (D&M). They concluded Dutchess County’s financial statements “present fairly, in all material respects” the County’s financial position in accordance with generally accepted accounting principles. The auditors praised the County’s financial controls and issued a separate compliance report noting no material weaknesses in internal controls – further proof that taxpayer dollars are being safeguarded.
“This independent report confirms what Dutchess residents deserve to know – that their County government is managing taxpayer dollars responsibly and with the highest standards of accountability,” said Dutchess County Executive Sue Serino. “We are committed to smart, strategic fiscal planning – building reserves that keep us well-positioned for the future. Every expenditure made today is carefully evaluated to understand how it will impact tomorrow and beyond. Keeping our fiscal foundation strong helps to ensure we are prepared for any unexpected impacts the future may bring.”
Legislature Chairman Will Truitt added, “The auditors’ findings reinforce what we’ve long prioritized: transparency, accuracy, and responsibility in County finances. This is an important validation for taxpayers, and it reflects the hard work of our Finance Department and all County employees who play a role in careful budgeting and financial oversight.”
Dutchess County’s strong fiscal management was also confirmed by the New York State Comptroller’s Office with the release of its annual Fiscal Stress Monitoring System scoring updates. Dutchess County received a perfect fiscal stress score of “0” with no designation - the best rating achievable under the Comptroller’s model. NYS Comptroller Thomas DiNapoli developed the Fiscal Stress Monitoring System in 2012 to serve as an “early warning” of fiscal stress to local governments based on financial information and aspects of the external environment.
Additionally, earlier this year, S&P Global Ratings again reaffirmed Dutchess County’s AA+ bond rating with a stable outlook – one of the highest possible ratings for a county government – underscoring the strength and stability that the independent audit confirms. The S&P report cited Dutchess County’s conservative budgeting, healthy reserves, and expanding economy as strengths that support the high rating.
