RENSSELAER COUNTY AUDIT SHOWS $43.8M SURPLUS, STRONG FINANCIAL POSITION
TROY, NY- For the second year in a row, County Executive McLaughlin is pleased to announce Rensselaer County’s strong financial position as outlined in an external audit conducted by Drescher and Malecki. The report illustrates the County is thriving financially, echoing McLaughlin’s 0% tax increase budget passed unanimously by the County Legislature in 2018. Through prudent financial policies and innovative cost saving measures, Rensselaer County’s audit shows an overall surplus of over $48.3 million, with a record setting $11 million plus added to the surplus this year.
This news from Drescher and Malecki shows the County’s continued momentum under McLaughlin’s guidance. In 2018, Moody’s Investor Service upgraded the County’s bond rating from A1 to Aa3, another sign of the County’s robust financial position. McLaughlin’s pro-growth economic policies added to the vibrant Rensselaer County economy, resulting in an increase in over $50 million in net sales tax revenue for the County.
In just under 18 months of the County Executive’s leadership, the County has had overwhelming success with new internal cost-cutting controls such as modernizing purchases procedures to achieve drastic reductions in spending totaling over $700,000. Additionally, the administration was able to come to an expedited agreement with its largest labor unit, resulting in a sound contract for both employees and the taxpayer to provide exemplary service to residents while maintaining fiscal stability. Through restructuring of retiree health savings plans, overall personnel staffing levels, and better utilization of existing County resources, the County saved over $2 million dollars in 2018.
County Executive Steve McLaughlin commenting on the audit said, “I am very pleased with the finding of the audit which demonstrates that our fiscally responsible approach is working.” McLaughlin added that “Everyday my administration is working to safeguard the taxpayers’ hard-earned dollars and the prudent use of county resources to deliver the most effective and cost-efficient government that we can provide.”
The audit showed that the County was proficient in its bookkeeping procedures and internal control processes. The time period of the audit was for Rensselaer County’s Fiscal Year 2018 which ran from January 1st, 2018 to December 31st, 2018.