KINGSTON – As Ulster County faces a financial crunch this year due to COVID-19, the county has some cushion. It had budgeted $9.1 million of its fund balance for last year, but only spent $7.2 million.
The county’s total fund balance is $36 million, but County Comptroller March Gallagher said that could be wiped out by the end of this year.
“I think that we are going to have to use some of that fund balance to get through 2020 and if the revenue declines that are estimated coming at the worst end, meaning very big losses in sales tax and 50 percent cuts in state aid, we could wipe out the entire fund balance this year in addressing those shortfalls,” she said.
Gallagher released her fourth-quarter financial report on Tuesday, which looks at the county’s financial condition.
NEWS STORY PROVIDED BY: Mid Hudson News -www.midhudsonnews.com