Officials: Finances in solid shape
Uptick in sales tax revenue, growth reported
TROY, N.Y. » Rensselaer County has earned a positive financial review from an independent auditor, with the county showing no weaknesses or problems in managing county finances, County Executive Steve McLaughlin recently announced.
The annual independent audit was performed by independent auditors Drescher & Malecki out of Buffalo.
The independent audit spans 2017, the last year of former County Executive Kathleen Jimino’s administration. McLaughlin credited Jimino for her stewardship of the county last year and during the previous 15 years.
“The audit shows capable fiscal management by Kathy and her team during her service as Executive. Rensselaer County is now in solid shape, continuing to earn positive independent financial reviews and good bond ratings,” said McLaughlin.
As a way to make sure that the finances stay in order for the county, when McLaughlin took over the position this past January he decided to keep members of Jimino’s fiscal team on board, including Chief Fiscal Officer Michael Slawson and Budget Director Stacey Farrar.
The audit shows the county added $10.2 million to county financial reserves after closing out the 2017 fiscal year. During 2017, the county fund balance grew to $36.8 million, including assigned and unassigned funds. The county budget in 2017 was $338.5 million.
Some of the growth in the addition to county financial reserves came from increases in sales tax revenues, strong returns on boarding in of federal prisoners at the county correctional facility, and savings and reasonable cost-efficiencies in various social programs administered by the county, along with general costsaving moves.
Along with the solid independent audit, McLaughlin noted positive trends and advancements seen in county finances. Since taking office on Jan. 1, McLaughlin said his administration has worked to reduce expenditures. During his first four months in office, savings of over $250,000 have been achieved, according to county officials.
In addition, the recent economic expansion is showing an uptick in sales tax revenues and growth. That growth, so far in 2018, has generated growth into six figures, said McLaughlin.
“The audit shows the county is being properly managed and that despite crushing state and federal mandates, we are doing everything we can financially to position the county to take full advantage of the ongoing economic resurgence,” said McLaughlin.
Several county legislators also said that they were pleased with the results from the independent audit.
“Years of strong fiscal management have resulted in another positive audit for Rensselaer County. This audit is a testament to the past leadership of Kathy Jimino and her staff. The Legislature Majority looks forward to continuing to work with County Executive McLaughlin to further strengthen our County finances. Residents of Rensselaer County benefit, when they continue to vote in a Republican majority that always puts the taxpayers first”, said Chairman Mike Stammel.
“The audit was very pos-
itive, and we will continue to be conscientious in monitoring the County’s financial conditions. Drescher & Malecki stated that this was one of our best audits in years. We look forward to seeing their suggestions on areas where we can make further improvements”, said Chair of Finance Robert Loveridge, who is a Republican legislator.
“[ The positive audit results is] pretty much because of the hard work of the county finance and budget team along with the full Rensselaer County Legislature,” added Deputy Democratic Minority Leader Ed Manny. “….The recent audit shows that hard work;
increase in sales tax and the addition of many new businesses combined with shared services where possible [and it] shows that Rensselaer County is the place to live, to work and to receive the best education around.”